Global crypto exchange Binance launched its social payments app Bundle. According to the press release Bundle would provide customers in different parts of Africa with a fee-free means to store and transact cash and cryptocurrencies.
Customers should use a new digital wallet and also 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.
It is important to mention that Bundle went live initially in Nigeria. This decision makes sense as Nigeria has the largest economy on the African continent. Moreover, Nigeria is home to more than 200 million people and as a result, is also the most populous country in Africa.
Currently, Bundle supports the national currency of Nigeria. Also, apart from naira, the social payments app supports Bitcoin as well as Binance coin and BUSD, the exchange’s dollar stablecoin.
Binance and crypto industry in Africa 
The social payments app was created by Binance Labs’ former director, Yele Bademosi. He is from Nigeria. The global crypto exchange Binance invested $450,000 in seed funding. Binance invested more than $400,000 in 2019.
Interestingly, the Bundle is part of the exchange’s ecosystem. However, it will run as an independent entity.
Moreover, according to the press release, other investors invested money in Bundle. Nevertheless, the press release did not contain the names of other investors.
Interestingly, Bundle is not the first project of Binance in Nigeria, as it already has a presence in the country.
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Moreover, according to Binance, it plans to launch its social payments app across the continent by the end of 2020. As a result, customers not only in Nigeria but in 30 other countries across the continent will be able to use this app.
Binance, as well as other crypto-related companies, are willing to enter Africa, as this continent has a huge potential when it comes to cryptocurrencies.
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