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Bundle Add Cardano (ADA), Polkadot (DOT) To The Growing List Of Crypto Assets On Its App

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Image credit: Bundle (Image was modified)

Bundle has revealed via his Twitter handle that it has added Cardano $ADA and Polkadot $DOT, to their growing list of cryptocurrencies on their App.

Cardano and Polkadot are one of the top ranking cryptocurrencies in the market. With this addition, Bundle, currently available to Nigerians and Ghanaians users now have access to a total of 14 cryptocurrencies to trade on the app.

Bundle, an African-based social payments app for cash and cryptocurrencies was launched in April, 2020. It was founded by Yele Bademosi, a former director at Binancelabs. 

Launched in April 2020, Bundle is one of fastest growing crypto startups in Africa. At the time of writing, Bundle have exceeded 100k+ downloads on Google’s android play store with 4.6 average ratings. 

According to Bundle, they are on a mission to drive the adoption of cryptocurrency in Africa and to make economic freedom and prosperity a reality for all Africans no matter where they live.

Also, the launch in Nigeria and Ghana was a first step towards fulfilling their Africa-focused mission. In an interview with Decentralize Africa CEO, Yele Bademosi in a phone call revealed one of Bundle’s long term goals. “We want to build the bridge that connects crypto to people who don’t use crypto or have crypto assets. So, because that’s our focus, we don’t really think about  the competition in the market.” – he said.

Read more: INTERVIEW: CEO Of Bundle, Yele Bademosi, Is Leading Bundle’s Race To Transform Finance In Africa

Bundle Africa users are allowed to buy sell and store cryptocurrencies such as Cardano ADA, Binance coin Bitcoin, Bitcoin cash, Binance USD, Bundle token, Polkadot, Ethereum, Chainlink, Litecoin Tron, Tether USDT, Waziri token, and Ripple XRP as well as deposit and withdraw cryptocurrencies and local fiat currencies; with NGN (Nigeria Naira) and GHC (Ghanaian Cedi) depending on their relevant location.

The app has interesting features such as Bundle Vault, alongside friendly user interface. Particularly, Bundle Vault, a special feature on the app that enables users to save a cryptocurrency, Binance USD (BUSD) and earn interest over time on their holdings. 

It is further divided into two; BUSD Fixed and BUSD Flexible. BUSD Fixed allows users to lock BUSD, earn interest redeemable on a maturity date while BUSD Flexible enables users to save BUSD and earn interest redeemable anytime.

Recently, Bundle, launched its own native token known as BXD token. It has a total supply of 2.1 billion using the Binance Smart Chain protocol. BXD Token will serve as crypto cash backs, governance token, and holders can participate in making important decisions on the future of the Bundle Africa ecosystem. 

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Nigerian Crypto Traders Explore Alternatives After CBN Ban To Remain Africa’s No 1 In P2P

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Nigeria

After the Central Bank of Nigeria released a circular instructing the banks to play no role in crypto trading and investing, there has been a frenzy on social media. 

While enthusiasts and traders largely condemned the actions of the CBN, most are assured that the new directive will not impede crypto activity in the country. Veteran traders took to twitter and other social media platforms to dispel any form of panic among holders and other traders. 

Interestingly, after the circular was released, bitcoin peer-to-peer trading increased dramatically in the country. Nigeria already holds a top spot in the world, when it comes to crypto adoption. Bitcoin has become a viable alternative to the country’s weakening Naira. 

Barely a week after the directive by the Central Bank, Usefultips revealed that peer-to-peer lending of bitcoin, surged by 15%. 

Nigeria leads Africa by a whopping $7.5 million in peer-to-peer lending. Kenya, which was closest, came in second at $2.86 million while South Africa comes in third with a transactional peer-to-peer value of $2.38 million. 

Nigeria’s population, which is dominated by tech savvy youths, has proved that the new CBN directive will not deter crypto usage in the country. The news seems to have sparked a wave of interest in crypto usage and trading. 

Alternatives To Fiat Deposit And Withdrawal

Moments after the CBN directive made rounds in the news, exchanges disabled fiat deposits and withdrawals of naira. This made buying directly from exchanges and withdrawing crypto equivalents into naira bank accounts impossible. 

While some expressed their fears over the new development, some simply decided to turn to peer-to-peer. Those who needed to turn crypto into fiat simply sold to those who needed to turn fiat into crypto.

This method however, makes newbie crypto users and traders susceptible to crypto scams. In light of this susceptibility, some exchanges have provided services that protect users and make peer-to-peer easier.

PaxFul P2P Marketplace

When it comes to peer-to-peer trade in Africa, Paxful is at the forefront. The exchange overtook LocalBitcoins in June last year to become the biggest peer-to-peer marketplace in the world.

A quarter of Paxful’s users are made up of Nigerians, they also constitute the company’s second largest bitcoin market.

As the biggest peer-to-peer trading platform in the world, it is certain that Paxful will have no troubles catering to customers who have to turn to p2p following CBN’s new directive.

Binance P2P Escrow Service

While peer-to-peer trading might seem like a simple alternative to bank deposits and withdrawal of crypto, parties involved in the exchange  might not always hold up their end of the deal.

Binance’s escrow service reduces the risk associated with peer-to-peer transactions. An escrow service ensures fair trade between two parties. It ensures that both parties are adequately compensated after a trade has been made. An escrow is a trusted third party that holds on to funds until the buyer and seller are satisfied with the transaction.

In Binance’s escrow service, once the buyer places an order, the seller’s cryptocurrency is automatically deposited into the escrow wallet. The crypto will be sent to the buyer once the transaction has been completed. 

The escrow service follows clear and easy steps. Once an order has been placed, buyer and seller will begin to communicate. The buyer proceeds to pay once an agreement has been made. Seeing the payment confirmation, the seller releases the crypto to the buyer

In cases where either party acts unfairly, the escrow service withholds the crypto and sends it to the rightful owner after enough investigation. Buyers are implored to have screenshots of their conversations with sellers, including payment receipts. 

BuyCoins NGNT Token

Stablecoins are cryptocurrencies without the volatility of cryptocurrencies. This is because they’re pegged to the value of a particular fiat cryptocurrency. A stablecoin pegged to the dollar will have the same value as the dollar. 

NGNT is a stablecoin pegged to the naira. Consequently, one NGNT equals 1 naira. NGNT extends the advantages of blockchain and digital currencies to the naira. It is fully collateralized by USDC, the leading dollar stable coin. 

NGNT was created by BuyCoins Africa. Announced in Q1 of 2020, the coin is now supported by Paxful, BuyCoins and Busha.

NGNT avails traders of the need of using digital fiat to purchase cryptocurrencies, they also escape the volatility associated with converting fiat to cryptocurrencies, as the NGNT is pegged to the naira.

Bundle’s First Mobile Peer-to-peer

Binance-backed crypto exchange, Bundle, is looking to build the first mobile peer-to-peer platform. 

Yele Badamosi, Bundle CEO, revealed on Twitter, that the exchange is “working with partners to integrate our alternative channels to fund and withdraw from your cash wallets…

We will work on creating a mobile-first Peer-to-Peer (P2P) platform that will allow you to swap assets with other Bundlers quickly, securely, and simply.”The mobile peer-to-peer will be a remarkable innovation in the crypto space. Positive results are imminent if Bundle integrates the platform. 

With a policy highly intolerant of scams, crypto users new to  p2p can carry out all transactions with peace of mind.

Nigeria is constantly proving that cryptocurrencies and blockchain is in fact made for Africa. With levels of transactions recorded in the country amid the apex bank’s ban, it’s safe to say there’s nothing that can stop crypto adoption in Africa.

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Bundle Africa

African-focused Payment App Backed By Binance Launches In Nigeria

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The largest cryptocurrency exchange by volume, Binance, has announced the launch of a new payment app targeting the African market. 

Bundle is a social payment application similar to Cash App. It allows users to send, receive, and request cash and cryptocurrencies like Bitcoin, Ether, Binance coin (BNB) between peers.

Founded and led by Yele Bademosi, former Director at Binance Labs and CEO Microtraction – (an investment platform that funds African startups).

The Bundle app lets users process transactions, deposit, and withdraw to their local currency. Payment methods available include bank transfer, Mobile Money, debit/credit cards, etc.

The Nigerian Naira (NGN) is the only local currency available on the app. But there’re plans to support a basket of local currencies by the end of 2020.

In addition, Bundle app plans to add the Binance stablecoin (BUSD) backed by the U.S.dollar in the coming weeks. And there’s a long-term plan to allow users to save with stablecoin and earn interest per annum, purchase U.S. stocks, mutual funds, etc.

Bundle joined the growing list of African-focused projects incubated and backed by the Binance Labs, having secured a $450 pre-seed fundraise from the Malta-based cryptocurrency exchange. Also backed by Pave Investment amongst other investors, Bundle will operate as an independent entity.

Rise in mobile-based financial products

Bundle app becomes the latest financial product that has its sights set on banking the unbanked on the continent.

As reported by the World Bank Global Findex, Africa has the largest population of unbanked and under-banked in the world.

According to GSMA, there’s increasingly mobile and smartphone usage in Africa. This makes it an opportunity for mobile-based apps like Bundle. No wonder there’s an influx of new startups offering financial services to the African market.

In emerging markets like Africa, there’s no doubt crypto and its underlying technology have the potential to disrupt the old-fashioned financial system and improve inclusion.

According to Binance CEO Changpeng Zhao (CZ) “Bundle will support Binance’s mission of scaling the adoption of crypto on the continent.”

The Bundle payment app is available only to Android users but plans to support iOS devices soon. Download the app now!

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