JOHANNESBURG - An Africa-based social payments app for cash and cryptocurrencies, dubbed Bundle and backed by Binance has launched in Nigeria, online publication, The Paypers reported.
According to the news site, Bundle allows users to request, send, and receive cash or crypto from their peers.
As such, users can buy, sell, and store digital currencies such as Binance Coin (BNB), Ethereum (ETH) and Bitcoin (BTC), as well as deposit and withdraw digital currencies and local fiat currencies, starting with Nigerian Naira (NGN) and many more fiat currencies.
In addition, these transactions could also be processed via various payment channels such as cards, bank transfer, and Mobile Money, as well as safely stored in Bundle's SmartWallet.
The publication said that the Binance and Bundle team believe that Africa faces formidable socio-economic challenges such as access to financial services and hyperinflation that require bold, innovative, and alternative solutions.
Bundle’s product vision is to evolve into a super-app with a native digital wallet that supports crypto and cash – one that becomes a tech essential to everyday life for Africans and the world, The Paypers said.
Bundle will initially launch with 0 fees, but Know Your Customer (KYC) verification and fiat deposit and withdrawal limits apply.
In addition, Bundle plans to support over 30 African countries by the end of 2020, creating a facilitated fiat on/off ramp for crypto on the continent. Bundle’s mission is to make economic freedom and prosperity a reality for all Africans, and to drive crypto adoption on the continent.
Speaking to Cointelegraph, Bundle chief technology officer Taiwo Orilogbon explained that Africa was fertile ground for cryptocurrency-based financial innovation.
“Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto. This is a worthwhile mission because making the blockchain ecosystem more accessible unlocks economic opportunity on and for the continent,” he said.