Yele Badamosi, director of Binance Labs, the venture capital arm of the global cryptocurrency company, Binance, has on Thursday announced the launch of Bundle, a social payments app.
Bundle which has been in the works for months had since September closed a successful pre-seed fundraise — raising $450,000 from Binance.
A statement on Binance said that while Bundle is the first of many projects incubated within the Binance ecosystem, Bundle operates as an independent entity from Binance. In the past, Binance has either invested in companies via Labs or given out grants via Binance X. Binance backs Bundle together with other African investors.
According to Badamosi, the new social payments app is on a mission to drive cryptocurrency adoption on the continent by making it easy and fun to use, bringing more economic freedom and prosperity to all Africans. Bundle is expected to evolve into a super-app with a native digital wallet that supports crypto and cash.
“We plan to bundle Social Media + Financial Technology into one seamless experience, this enables us to create a new category of delightful experiences and use cases for our community of users,” he said.
On Bundle, users can buy, sell, and store digital currencies such as BNB, BTC, and ETH, as well as deposit and withdraw digital currencies and local fiat starting with the Nigerian naira (NGN) and many more fiat currencies in the coming weeks. The transactions can be processed through existing payment channels such as cards, bank transfer, and mobile money as well as safety stored in Bunble’s smart wallet.
“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. We decided to build a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app,” Bademosi said.
The social payment app hopes to onboard over 30 African countries by the end of 2020, keeping it in contention for the biggest payment application on the continent.
