Nigerian social payments app Bundle has announced it is shutting down its crypto exchange arm. 

According to the July 20 statement released on the company blog, Bundle said that it would cease operations of its exchange services as part of the shareholders’ decision to restructure the business to focus on Cashlink.

Screenshot of Bundle press release statement. Source: Bundle

In the statement, the company noted that the decision by its shareholders is a result of the observed growth of the Web3 and blockchain community, and the need to focus on payment solutions that meet the ecosystem’s needs. It confirmed that users wouldn’t be able to sign up to Bundle, deposit assets into their Bundle wallet, swap assets in their Bundle wallet (except for Tether (USDT)), or withdraw with Cashlink if they do not have Nigerian naira or other fiat on Bundle.

According to the statement, all Bundle users are advised to withdraw their assets from the app on or before Sept. 12, 2023. However, the company specified steps required for its users in Nigeria, Ghana, Kenya and other francophone-speaking countries to withdraw their assets successfully.

Related: Nigerian crypto tax move is ‘premature’ — Local stakeholders

Users in these locations can withdraw their funds from Bundle to any preferred exchange. Nigerian users can withdraw naira using Cashlink or transfer funds to their bank account through P2P express. If their balance is less than $10, they can use the provided link to withdraw.

In April, Nigerian crypto payment startup LazerPay ceased operations and made its intellectual property available for sale.

Magazine: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express