Global crypto exchange firm Binance has launched a social payments app for African users. This new mobile app is called Bundle, and it will serve as a social payment app for fiat money and cryptocurrencies.
According to Yele Bademosi, the founder of Bundle and the former director of Binance Labs, the Bundle app was built with the digitally native African users in mind. Binance notes that these are connected socially and online across geographical boundaries.
Basically, the social payments app is for the allowance of users to send, receive, and request either fiat or crypto. It additionally provides fee-free means to users for storage and transaction via a new digital wallet. Also, the transactions can be performed through various payment methods including cards, bank transfer, and Mobile Money as well.
The first country of launch is Nigeria, and Binance notes that the Bundle app will support fiat deposits and withdrawals. Currently, the app allows users to send and receive fiat Nigerian naira (NGN) and cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
It will extend the app’s operation to around 30 other African countries by the end of this year. The app looks forward to supporting many more fiat currencies as well in the coming weeks.
Binance believes that Bundle could “make economic freedom and prosperity a reality for all Africans” and expedite the adoption of crypto on the continent.
Binance has been existing in Uganda, Kenya, and South Africa.