Binance launches social payments app 'Bundle' in Africa


Crypto exchange Binance has rolled out a new social payments app called "Bundle."

Targeted at the African market, the app allows users to send and receive cash, as well as buy, sell and store cryptocurrencies.

At launch, the supported fiat currency is Nigeria naira (NGN), and the supported cryptocurrencies are bitcoin (BTC), ether (ETH) and Binance coin (BNB).

Binance said “many more” fiat currencies would be supported “in the coming weeks.” Bundle can process transactions via cards and bank transfers, as well as mobile money.

“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,” said Bundle founder Yele Bademosi, formerly a director at venture arm Binance Labs.

Bundle plans to support 30+ African countries by the end of the year. It aims to grow into a “super-app,” which would become widely used in Africa and the world. 

Bundle, operating as an independent entity from Binance, is a Binance-incubated project. Bundle raised $450,000 from Binance last September in a pre-seed funding round.  

Social payments appear to be a growing trend in the crypto space. Just yesterday, Dharma, an Ethereum-based peer-to-peer lending platform, launched a similar initiative. Dharma now allows users to send U.S. dollars to any Twitter handle.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC