Binance launches social payments app 'Bundle' in Africa

Exchanges • April 23, 2020, 5:25AM EDT
UPDATED: April 23, 2020, 5:28AM EDT
The Block

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.

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“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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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