Yele Bademosi, a well-known former director at Binance Labs, has launched Bundle a cryptocurrency and Naira Social Payments application in Nigeria.
According to what he says, Bundle will allow users to buy, sell, and store digital currencies such as Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH) as well as deposit and withdraw cryptocurrencies and local fiat currencies; starting with Nigerian Naira (NGN).
Here, all payments and financial transactions can be done through bank cards, mobile money, and bank transfers. According to the press release that we came across, the target market of bundle is the African youth who are becoming 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 Yele Bademosi, founder of Bundle.
Initially, users of Bundle will pay 0 fees. However, they will be required to complete KYC verification. The application is currently available on Android with plans to soon get the iOS app live.
Understanding The Binance Connection
Aside from being built by Yele Bademosi, a former director at Binance Labs, Bundle also secured funding from the global exchange in September 2019. Behold, Bundle closed a successful pre-seed fundraise -raising $450K from Binance. Note that Binance is the global blockchain company behind the world’s largest cryptocurrency exchange by trading volume and users, as well as various African investors according to the PR.
Bundle has plans to support over 30 African Countries by the end of the year. They are aiming to do this by creating a simplified fiat on/off ramp for crypto on the continent. In Addition, Bundle joins the list of applications like BitSika and Yellow Card who were all funded by Binance.