Binance has announced that it has launched a new product and service to further progress the use of crypto globally. Binance’s vision according to their announcement is to create a world were people have the freedom to access, spend, own, store and earn money. The new product announced will target the African market and is called Bundle – a social payments app for cash and cryptocurrencies. Founded by Yele Bademosi, formerly a director at Binance Labs, Bundle allows users to request, send, and receive cash or crypto from their peers.
What is Bundle?
Bundle’s product vision is to evolve into a super-app with a native digital wallet that supports crypto and cash – one that becomes an ultimate utility in everyday life for Africans and the world. Users can buy, sell, and store digital currencies such as BNB, BTC, and ETH, as well as deposit and withdraw digital currencies and local fiat starting with NGN (Nigeria Naira) and many more fiat currencies in the coming weeks. These transactions can be processed via various payment channels such as cards, bank transfer, and Mobile Money as well as safely stored in Bundle’s SmartWallet. Bundle plans to support 30+ African countries by the end of the year, creating a simplified fiat on/off ramp for crypto on the continent.
Bundle’s mission is to make economic freedom and prosperity a reality for all Africans – and aims to drive crypto adoption on the continent by making it more fun, easy to use, and inclusive for Africans while creating more daily use cases for it. Africa as a whole has the largest youngest population in the world, with a median age of 19 and one billion+ people expected to be born over the next 30 years. Bundle is targeting young, digitally savvy, educated consumers with spending power.
“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 decided to build a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app,” says founder, Yele Bademosi.
In September 2019, Bundle closed a successful pre-seed fundraise — raising $450k from Binance. However, while Bundle is the first of many projects incubated within the Binance ecosystem, Bundle operates as an independent entity from Binance. In the past, Binance has either invested in companies via Labs or given out grants via Binance X. Binance backs Bundle together with other African investors. www.bundle.africa