By
Chimamanda U. Martha
April 18th, 2024
A new social payment app from Binance dubbed Bundle is now available for African users. It allows buying and selling crypto as well as sending and receiving cash at the same time.
Binance has gone the extra mile in reaching Africans. It has launched a new cash and crypto app that allows the sending of cash and crypto between users. Bundle as the app is known was developed by Yele Bademosi who is the former director of Binance Labs.
The cryptocurrency trading platform revealed in its blog post:
“Bundle’s product vision is to evolve into a super-app with a native digital wallet that supports crypto and cash – one that becomes an ultimate utility in everyday life for Africans and the world.”
The post continued:
“Users can buy, sell, and store digital currencies such as BNB, BTC, and ETH, as well as deposit and withdraw digital currencies and local fiat starting with NGN (Nigeria Naira) and many more fiat currencies in the coming weeks.”
Bundle serves as an entry-level app for those who aren’t yet into cryptocurrencies. It is also the first application of its kind on African soil. It is rare to have an app that combines the functionality of several cryptocurrency wallets and African fiat concurrently.
Binance Tried to Enter African Markets before Bundle
Bundle isn’t the first foray of Binance into Africa. The cryptocurrency exchange late last year indicated that it will be adding support for the Nigerian naira among others.
It also has as one of its gateway partners Flutterwave whose Application Programming Interface is second to none.
Bundle takes the introduction of cryptocurrencies to Africans closer to the people. Most Africans do not own larger devices such as Laptops and desktops. Smartphone ownership is in a league of its own.
Financial inclusion via smartphones has been hugely successful in African region. The road to cryptocurrency adoption could also follow that path.
Bundle said in its mission that it “aims to drive crypto adoption on the continent by making it more fun, easy to use, and inclusive for Africans while creating more daily use cases for it”.
The first step towards that has been to introduce an App that takes care of the Nigerian market. Nigeria as a country has the continent’s largest population. A significant portion of this population is between the ages of 17-45.
Africa Is a Prime Market
Binance has also shown that it considers Africa to be a prime market. With the many problems of bureaucratic red tape, corruption, lack of a basic working environment to name a few.
Changpeng “CZ” Zhao and his team have been able to meander through all that. Bundle reportedly received about $450,000 in pre-seed funding from Binance.
There is a rise in independent projects within the Binance ecosystem. It might be pertinent to note that such projects will in time be the best evangelists for Binance as an entity.
Bundle is also backed by several African partners. This will be one of the few times that investors are meeting technology the right way.