Mon, June 05, 2023

Binance Plans to Revolutionize the Crypto Industry

Cryptocurrency market in Africa

Cryptocurrencies step-by-step became part of everyday life. Moreover, cryptocurrencies such as Bitcoin, Ethereum, and others have the potential to support the emerging countries, across the world. The global crypto exchange Binance is actively working to create new projects. Recently, Binance launched the social payments app Bundle.

Interestingly, former director of Binance Labs, Yele Bademosi created this application. In 2019, Binance invested $450,000 in seed funding. Despite, the fact that Bundle is part of the exchange’s ecosystem, it will run as an independent entity.

Binance is not the only investor, as other investors also invested money in Bundle. However, the press release did not contain other details apart from this information.

Binance and African countries Binance and African countries

It is worth mentioning that, social payments app is not the first project of Binance in Nigeria, as it already has a presence in the country.

Furthermore, Binance plans to launch its social payments app across the continent by the end of this year. Thus, customers not only in Nigeria but in 30 other countries across the continent will be able to use this app.

The bundle would provide customers in different parts of Africa with a fee-free means to store and transact cash as well as for cryptocurrencies.

Let’s have a look at this payments app and how to use this app. Clients should use a new digital wallet and they have to download this wallet on their phones. This move is a big step forward not only for the major crypto exchange but for the whole industry.

Importantly, Bundle went live initially in Nigeria. This country has the largest economy on the African continent. Also, Nigeria is home to more than 200 million people. Consequently, Nigeria is the most populous country in Africa and one of the most populous around the world.

Last but not least, Bundle supports the national currency of Nigeria. Moreover, apart from naira, the social payments app supports Bitcoin as well as Binance coin and BUSD, the exchange’s dollar stablecoin.


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