The largest cryptocurrency exchange by volume, Binance, has announced the launch of a new payment app targeting the African market.
Bundle is a social payment application similar to Cash App. It allows users to send, receive, and request cash and cryptocurrencies like Bitcoin, Ether, Binance coin (BNB) between peers.
Founded and led by Yele Bademosi, former Director at Binance Labs and CEO Microtraction – (an investment platform that funds African startups).
The Bundle app lets users process transactions, deposit, and withdraw to their local currency. Payment methods available include bank transfer, Mobile Money, debit/credit cards, etc.
The Nigerian Naira (NGN) is the only local currency available on the app. But there’re plans to support a basket of local currencies by the end of 2020.
In addition, Bundle app plans to add the Binance stablecoin (BUSD) backed by the U.S.dollar in the coming weeks. And there’s a long-term plan to allow users to save with stablecoin and earn interest per annum, purchase U.S. stocks, mutual funds, etc.
Bundle joined the growing list of African-focused projects incubated and backed by the Binance Labs, having secured a $450 pre-seed fundraise from the Malta-based cryptocurrency exchange. Also backed by Pave Investment amongst other investors, Bundle will operate as an independent entity.
Rise in mobile-based financial products
Bundle app becomes the latest financial product that has its sights set on banking the unbanked on the continent.
As reported by the World Bank Global Findex, Africa has the largest population of unbanked and under-banked in the world.
According to GSMA, there’s increasingly mobile and smartphone usage in Africa. This makes it an opportunity for mobile-based apps like Bundle. No wonder there’s an influx of new startups offering financial services to the African market.
In emerging markets like Africa, there’s no doubt crypto and its underlying technology have the potential to disrupt the old-fashioned financial system and improve inclusion.
According to Binance CEO Changpeng Zhao (CZ) “Bundle will support Binance’s mission of scaling the adoption of crypto on the continent.”
The Bundle payment app is available only to Android users but plans to support iOS devices soon. Download the app now!