Social payment app Bundle Africa expands its operations to Ghana
4 days ago
Image courtesy: BlockNewsAfrica
GHANA – Africa-focused social payments app for cash and cryptocurrencies, BundleAfrica has launched operations in Ghana and plans to be active in several more African countries by the end of 2020.
This is the first step of the startup’s plan to expand to several African countries before the end of 2020, giving more Africans the option to trade and store various cryptocurrencies.
Founded by Yele Bademosi, founding partner of early-stage VC firm Microtraction, Bundle was incubated within global blockchain company Binance and secured US$450,000 in funding from the firm in advance of its launch.
“We’re super-excited to finally bring Bundle to Ghana. I believe the country has immense potential for crypto adoption. Ghana is the right environment for Bundle to thrive,” said Bademosi.
Bundle has recorded exponential month-on-month user and transaction growth since it began operations, hitting an all-time high monthly trade volume of US$14 million in September and launching its Vault cryptocurrency savings feature earlier this month.
Bundle, launched in April, allows users to request, send and receive cash or crypto from their peers. Users are able to buy, sell and store digital currencies as well as deposit or withdraw digital currencies and local fiat currencies.
Users in Nigeria are able to trade cash in Naira and cryptos including Bitcoin (BTC), Ethereum (ETH), Binance utility token BNB and its dollar-based stable coin BUSD.
According to a CoinMarketCap report, Africa has the second-highest adoption of cryptos worldwide, sparked by a youth growth rate of 91.5%.
Bundle will seek to leverage this as it takes its cash/crypto payments solution to the Ghanaian market. While the app currently allows for only Nigerian Naira as fiat currency for cash transactions, its Ghanalaunch means that Ghanaian Cedis will be now be supported on the platform.
Bundle has been operating in Nigeria for about 7 months. The social payments platform first introduced its android app in April before it launched the iOS version in June.