Popular Nigerian payment app terminates crypto services
Bundle decided to shut down its crypto exchange services, to focus on other payment tech innovations.
Adoption of cryptocurrencies surging rapidly in the world. Over the last few years, the majority of the Fintech companies showed a significant Inclination toward the crypto & blockchain sector. The majority of the crypto-interested companies are utilizing the crypto networks to conduct payment services, while crypto-haters companies ditched cryptocurrencies every time by calling crypto assets highly volatile assets.
On 20 July 2023, Bundle, a Nigerian social payment app, announced via a blog post that the company’s shareholders decided to shut down the company’s crypto exchange services and further use the talent to focus on Web3, blockchain & also payment services enhancement.
In short, Bundle will focus on its core business and further will adopt all the trendy tech innovations to bring modernization to its services but will remain away from crypto.
From now on, new customers can’t sign up for the Bundle crypto exchange services and the company urged the existing customers to withdraw their Crypto funds before 12 September 2023.
Earlier this LazerPay, a Nigerian crypto payment startup, suspended operations & further invited interested parties to buy the startup along with the assets.
In the present time, the majority of crypto companies operate their crypto services under a fully unregulated system. In 2021, the Nigerian central bank imposed a banking ban & crypto trading ban also but they did nothing to prohibit the citizens from P2P crypto trading activities.
In 2023, the country imposed tax measures for crypto Investors. Under the Nigerian Financial 2023 Act, crypto investors are required to pay a 10% tax against gain from Crypto investment.
This situation is showing that the country is not able to fight & ban the crypto sector like China and showing that the country’s lawmakers are doing a study on the Crypto sector, to bring a crypto-dedicated regulation framework.
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