Bundle Africa, one of the fastest growing crypto apps in Africa, has said that it is working on its P2P platform and adding alternative channels to fund and withdraw from cash wallets following the recent crypto restrictions by the Central Bank of Nigeria (CBN).
In an email to users, the CEO of Bundle Africa, Yele Bademosi, said the company is already working with partners to integrate cash in/cash out alternatives while also expanding to support more users globally beyond Nigeria and Ghana.
The upcoming Bundle P2P platform will be mobile-first and will allow you to swap assets with other users quickly, securely, and simply.
Confirming the new developments to Bitcoin KE, Yele said:
‘Yes, we are building a P2P platform. There is not much to say at this point, but you can expect the simplicity and speed will be brought to cash-to-crypto swaps in our own unique implementation for P2P.
This means we will be in more African countries soon.”
– CEO, Bundle Africa
Bundle has also committed to working with regulators as part of a coalition together with other local stakeholders in an effort to directly educate and engage with regulators to resolve the current crypto-fiat restrictions with some progress so far.
Bundle has seen impressive growth, seeing metrics 2x and more revenue in January 2021 alone compared to the entire 2020.
The company also recently got added as a payment option for Ghanaian Cedis and Nigerian Naira on Binance P2P.
Since the restrictions on financial institutions and deposit-taking entities to cut ties with crypto exchanges were announced last week by CBN, a number of crypto firms have quickly moved to ensure they continue serving their customers.
Currently, P2P transfers seem to be the next best option and the move by Bundle Africa is likely going to be replicated by other players across the Nigeria.
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