Bundle Africa, a social trading platform for silver and crypto, celebrated its second anniversary on April 23, 2022, with the launch of a web application to give its users more accessibility to crypto.
Bundle said it launched the first version of its mobile app to improve customer experience, adding that it has been developed over the years as one of the easiest crypto trading platforms in Africa. Starting with just three assets at its initial launch, the company has now grown to over 80 assets and over 700,000 users in Nigeria and Ghana.
Despite regulatory pushbacks, Bundle was able to meet the needs of its user base through the integration of Cashlink, a P2P payment platform, which acted as a gateway for crypto-to-cash transfers. With over a million transactions in its first seven months, Cashlink’s success can be attributed to the escrow system, which mitigates fraud on either side of the transaction. In a bid to help users mitigate losses during a cryptocurrency bear market, the company said it has built simple tools to help users by releasing a series of leveraged tokens (BLVTs) which gives users the ability to hold leverage on a cryptocurrency that can either multiply the loss or a profit on an asset.
Bundle Africa CEO Emmanuel Babalola said, “To promote wider adoption of cryptocurrencies and further reassure people, trading needs to be as simple and convenient as possible for everyone. This means that crypto services should be offered across multiple platforms with all users in mind, not just some. As Bundle continues to grow, the need to evolve back to its original mission becomes relevant – a social finance app making crypto accessible to everyone. Bundle will expand across the continent this quarter, which represents the first step in the right direction, alongside implementations to transition into a social finance product.
On the issue of multiple fraudulent accounts on social media platforms, Babalola explained that they would work hand in hand with their risk and compliance team to remove these phishing accounts. “We are also about to release a 2FA security feature to further protect its users. Bundle users are urged to ensure that all transactions on Twitter and Instagram are done with their official credentials. No one will ask you to click on a link or share your one-time password (OTP) with them.