Yele Bademosi, formerly a director at Binance Labs, has launched Bundle a cryptocurrency and Naira social payments application in Nigeria.
Bundle will allow users to buy, sell and store digital currencies such as Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) as well as deposit/withdraw digital currencies and local fiat currencies; starting with NGN (Nigeria Naira).
All payments and transactions can be done through bank cards, bank transfer, and Mobile Money. According to a Press Release shared with us, the target market of Bundle is the African youth who are more interested in digital payments.
We built Bundle with the digitally native African user in mind. They are social, online and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We built Bundle as a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app like Venmo,says Bundle Founder Yele Bademosi.
New users will pay 0 fees initially but will be required to complete KYC verification. The application is currently available on Android with plans to get the iOS app live soon.
The Binance Connection
Aside from being built by Yele, a former employee of Binance, Bundle also secured funding from the global exchange in September 2019.
Bundle closed a successful pre-seed fundraise – raising $450k from Binance, the global blockchain company behind the world’s largest cryptocurrency exchange by trading volume and users, and various African investors according to the PR.
Bundle plans to support over 30 African countries by the end of the year, creating a simplified fiat on/off ramp for crypto on the continent.
Also, Bundle joins the list of applications like Yellow Card and BitSika who were all funded by Binance.
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