The financial infrastructure company has launched Bitnob Enterprise, a non-custodial infrastructure platform designed to banks, fintechs, treasury teams and other institutions build digital asset products while maintaining control of their custody architecture, governance and risk-management systems.

The new platform allows organisations to access Bitnob’s wallet, payment, treasury, settlement, and blockchain infrastructure without transferring custody of assets to the company.

Bitnob launched publicly in 2021 as a consumer Bitcoin app. Over time, the infrastructure built to power its own products attracted growing interest from businesses, leading the company to increasingly focus on wallets-as-a-service, payments, stablecoin settlement, collections, payouts, and card infrastructure. Today, more than $4.5 billion has moved through its infrastructure.

As adoption grew, Bitnob saw customer needs split. Some wanted a managed platform that removed operational complexity and accelerated time to market. Others wanted to own the parts of the business that define them, such as custody, key management, risk, and governance. Bitnob Enterprise was built for the second group.

“The next generation of financial institutions won’t outsource the things that define them, including how assets are secured, how risk is managed, how their customers are served,” said Bernard Parah, Founder and CEO of Bitnob. “Enterprise gives them the infrastructure layer underneath Bitnob without asking them to give up control.”

Enterprise supports non-custodial deployment, including external key management through HSMs, AWS KMS, and third-party signing systems.

Customers run their own treasury controls, approval workflows, transaction policies, compliance and security frameworks while leveraging Bitnob for wallets, blockchain connectivity, treasury operations, stablecoin settlement, and embedded financial services.

The platform is built for banks, regulated financial institutions, fintechs, treasury teams, and developers building infrastructure-intensive financial products.

For organisations entering the market, Enterprise is a path to launch digital asset products without spending years building blockchain infrastructure internally. For larger institutions, it is a way to add digital asset capabilities to existing compliance and operational environments while keeping control of customer relationships and internal governance.

Alongside Enterprise, Bitnob is introducing major upgrades to Bitnob Business, its managed platform first launched in 2022. The updated platform adds enhanced stablecoin swap capabilities including USDT-to-USDC conversion, off-ramp coverage across more than 110 countries, and a growing base of on-ramp coverage.

Together, the two products offer two ways into the same infrastructure: a managed platform for businesses that prioritise simplicity and speed, and an infrastructure layer for organisations that prioritise ownership and control.

The launch comes as businesses increasingly adopt stablecoin infrastructure for treasury, cross-border payments, and supplier settlement, and as institutions look to participate without compromising their existing governance, security, and operational requirements.

Bitnob Business and Bitnob Enterprise are available free beginning today. For more information, visit website or schedule a call with the sales team

About Bitnob

Founded in 2020, Bitnob is a financial infrastructure company helping businesses build, move, and manage money globally.

Through APIs and managed infrastructure, Bitnob powers wallets-as-a-service, payments, treasury operations, stablecoin settlement, card programs, collections, payouts, and embedded financial services for businesses across global markets.

The post Bitnob Launches Enterprise: Non-Custodial Infrastructure for Institutions appeared first on Tech | Business | Economy.

The signing ceremony comes at a pivotal moment, as momentum builds toward the inaugural Africa Digital Assets Summit (ADAS) scheduled for 29th and 30th April 2026.

The Summit will convene policymakers, faith leaders, regulators, technologists, investors, and civil society actors to engage in structured dialogue on the governance, ethics, regulatory development, and societal impact of digital assets and emerging financial technologies across Africa.

Speaking at the signing, Fred Ogola, LDP Presidential Aspirant who is the founder and convener of Africa Digital Assets Summit  stated:

“This is Africa’s golden age. For the first time in modern economic history, Africa is not catching up to a global industrial revolution; we are actively shaping one. In digital assets and financial innovation, the continent is emerging not as a late adopter, but as a builder and an innovator. But this time with a conscience and morality that meets technology that does not take advantage of the poor but has preference for the poor”

Through this partnership, ADA and VAAK have committed to advancing a responsible, credible, and inclusive virtual assets ecosystem in Kenya and across the continent.

The collaboration will focus on:

• Promoting sound policy dialogue and supporting the development of coherent regulatory frameworks and industry standards for virtual assets in Kenya and across Africa.
• Fostering innovation, education, and institutional capacity building within the virtual assets sector.
• Enhancing cross-border cooperation, knowledge sharing, and structured stakeholder engagement across public and private sectors.
• Advancing ethical stewardship, with particular emphasis on ensuring that digital asset innovation supports inclusive economic development rather than disproportionately benefiting only the wealthy or well-connected.

As part of the Memorandum, the two organizations will establish a Joint Working Committee to oversee implementation, monitor progress, and provide quarterly reporting on agreed initiatives.

The partnership reinforces a shared commitment to position Kenya as a policy-aligned, innovation-forward, and governance-conscious hub for digital asset development in Africa.

The post Africa Digital Assets Inks MoU with Kenya’s VAAK appeared first on Tech | Business | Economy.

The round was led by Humanity Investments, with backing from Animoca Brands, Hex Trust, Three Point Capital and Jamie Rogozinski, the founder of WallStreetBets. 

The funding gives the company the needed capital to push a platform it says is designed to reduce fragmentation and limit bot-driven abuse in retail trading.

The company is targeting a pain point where many traders now operate across several platforms, juggling multiple balances, different regulations and clouded pricing mechanics. 

Everything is betting that a single account and balance, usable across Telegram, mobile and web, will appeal to users tired of that complexity.

An interesting feature is the integration of Humanity’s human verification system. The aim is focused on one person, one account. By tying participation and rewards to verified individuals rather than account numbers, the platform says it can curb fake accounts, automated trading abuse and reward farming.

Tim Tsai, chief executive of Everything, said: “The problem isn’t that traders lack options. It’s that existing options are fragmented, opaque, and dominated by bots.” He added, “We’re building for retail traders who want simplicity, transparency, and fairness. One account. One balance. One set of clear rules. Everything is that venue, and Humanity’s verification ensures it stays fair as we scale.”

The company plans to offer access to crypto, stocks and commodities, with leverage of up to 1000 times. That level of leverage will raise eyebrows in some quarters, but Everything argues that clearer regulations and identity checks can help manage abuse while keeping markets open to smaller traders.

Terence Kwok, Humanity’s founder and chief executive, said the partnership is meant to blend community participation with institutional safeguards. “We’re pairing the most authentic voice in retail trading with the leading regulated financial institution in Asia, Hex Trust, and Humanity’s Proof-of-Trust network to guarantee one-person-one-account integrity. 

“Together, we’re building an exchange where the community drives the rules, institutions provide security, and bots have nowhere to hide,” he said.

The rollout will be gradual, with the first phase expected to be a Telegram mini-app focused on quick onboarding. Mobile, desktop and web versions will follow, alongside additional features outlined in the company’s litepaper.

Everything was founded by former executives from KuCoin, Alibaba and Tencent. Humanity, which provides the verification layer, was built as a trust framework that allows users to prove facts about themselves without exposing private data. Its token is already trading on major exchanges.

Everything’s model will test whether retail traders are ready to trade across markets in one place, under one identity, with fewer hidden regulations.

The post Everything Raises $6.9m to Build a Unified Trading Exchange With Single-User Verification appeared first on Tech | Business | Economy.

The question will not be whether digital assets belong in the financial system, that debate is effectively over, but rather which platforms can operate at scale, under regulation, and across borders without friction.

This is the point where much of the industry will be tested.

For years, digital assets were defined by innovation cycles and adoption narratives. Over the next phase, they will be defined by infrastructure: reliability, liquidity, compliance, and interoperability with traditional finance.

Visibility will matter less than durability. Speed will matter less than trust. And this is where Africa enters the conversation not as a follower, but as an early operator.

From Lagos to Washington, London to São Paulo, 2025 marked the moment governments formally accepted that digital assets are permanent.

The United States passed its first federal stablecoin legislation through the GENIUS Act, but broader rules for asset classifications and market structure proposed in the CLARITY Act are still under consideration.

Europe enforced MiCA across 27 member states, bringing uniform licensing and reserve requirements into effect.

The UK moved to integrate crypto into its existing financial framework rather than regulate it in isolation. Regulation sent a very clear signal that infrastructure will determine the outcome.

Regulation Was the Starting Line, Not the Finish

In developed markets, regulatory progress in 2025 was largely about order: consumer protection, market integrity, and systemic risk. These frameworks were designed to manage disruption within systems that already function. Africa’s experience has been fundamentally different.

Digital assets did not gain traction across African markets because they were innovative or aspirational.

They gained traction because existing financial systems were fragmented, cross-border payments were expensive, access to global liquidity was constrained, and currency volatility was a daily reality.

By the time regulatory frameworks took shape, markets were already active. The role of regulation was not to enable participation, but to stabilise activity that already existed at scale.

Nigeria’s decision to recognise digital assets as securities until proven otherwise, Kenya’s introduction of a VASP framework, Ghana’s legalisation of crypto trading, and South Africa’s transition from licensing to active enforcement all reflect the same underlying truth: usage preceded certainty.

Africa did not regulate in anticipation of adoption. It regulated in response to it. This sequence matters, because it shaped how infrastructure was built.

Building Under Pressure Changes Outcomes

Digital asset infrastructure across Africa has developed in environments defined by volatility, regulatory diversity, and operational complexity.

Platforms have had to manage multiple currencies, comply with multiple regulators, and operate across borders where traditional banking rails are often unreliable or unavailable. This forced early discipline.

Liquidity management could not be abstract. Compliance could not be retrofitted. Systems had to prioritise uptime, resilience, and trust because failure carried immediate economic consequences. Infrastructure had to work continuously,  not in pilots, not in controlled environments, but in live markets.

Over time, what appeared to be constraints became advantages. Africa did not just adopt digital assets. It learned how to run them.

Why Infrastructure Decides the Next Phase

As digital assets move deeper into the core of global finance, leadership will shift away from innovation narratives toward operational credibility.

By 2026, the industry will move decisively in three key ways:

1) From adoption metrics to infrastructure reliability.

2) From product launches to operational trust.

3) From regional compliance to global interoperability. This transition will expose a gap.

Markets that built digital asset platforms under ideal conditions will now face the challenge of scaling under regulatory scrutiny, integrating with legacy banking systems, and managing cross-border risk. Markets that are built under pressure have already been operating in that reality.

This is where infrastructure-first platforms, including those developed in African markets, become increasingly relevant.

Companies like Yellow Card reflect this shift. Their value is not defined by consumer visibility or speculative volume, but by their ability to support compliant, cross-border digital asset activity at scale. In environments where failure is not hypothetical, infrastructure becomes the product.

The most effective infrastructure is often invisible. It is measured in what does not happen: failed settlements, liquidity shocks, compliance breakdowns, operational downtime. In markets where those failures are not tolerated, durability becomes the differentiator.

Africa’s Quiet Leadership

Africa’s role in the digital asset ecosystem is often framed through adoption statistics. That framing misses the more consequential development.

The continent has produced infrastructure capable of handling regulatory complexity, operational risk, and real-world scale,  not because it set out to lead globally, but because it had to function locally.

As digital assets move from the margins into the centre of global finance, that experience becomes increasingly relevant.

The world may still be debating how digital assets fit into the financial system. But Africa has already been building the systems that make them work.

And in 2026, infrastructure, not ideology, will no doubt decide who leads.

The post Africa Shows How Digital Assets Work as the World Debates Regulation appeared first on Tech | Business | Economy.

In a period of rapid digital innovation and economic realignment, the integration of digital assets into the national tax framework is one of the most consequential developments our fintech ecosystem has seen.

While digital assets have previously been acknowledged in Nigeria’s regulatory conversations, the NTAA marks one of the clearest attempts to place them within a coherent fiscal structure.

The Nigeria Tax Administration Act (NTAA) 2025 clarifies how digital assets fit within the tax system. Income from trading, transfers, mining, staking, airdrops, or compensation in crypto is now formally taxable. It is now firmly positioned within Nigeria’s taxable economy and recognized as part of mainstream financial activity.

This is not a specialized crypto tax. It is a declaration of relevance and contextual clarity, aligning modern financial behaviour with long-standing tax principles.

This reform, at its best, is taxation as recognition. Recognition that digital assets are not speculative distractions but economic instruments of consequence.

With that recognition comes responsibility, but also stability, confidence, and long-term credibility, creating the conditions for a more resilient digital economy.

However, the moment is not without tension as we know that regulation is only as effective as its execution. The concern shared by industry leaders is not taxation itself but complexity.

When compliance becomes layered with unclear processes, overlapping authorities and inconsistent interpretation, participation begins to feel like punishment rather than partnership.

For small traders, startups, and everyday users, even well-intentioned rules can become walls that discourage engagement rather than encourage accountability.

As leaders in business, regulation and community, we must work together to simplify compliance, improve reporting technology, and educate users. Compliance should feel manageable and fair, not confusing or punitive.

When systems are easy to understand and use, people are naturally more willing to follow them and integrate formal processes into their daily financial activity.

Nigerians do not reject responsibility, we only reject systems that feel inaccessible. Taxation must be clearly tied to value, transparency, efficiency and public service. Only then does it become a rational choice rather than an emotional burden.

If implemented wisely, the NTAA does not weaken innovation, it stabilizes it. It moves crypto from speculation toward institutionalization and from uncertainty toward durability. It provides a framework for trust, which is the currency on which all sustainable markets ultimately depend.

Nigeria’s digital asset economy is already global in relevance. The opportunity now is to ensure it grows not in spite of regulation, but through regulation, in a way that is confident, accountable, and sustainably integrated.

This inclusion is not the conclusion of Nigeria’s crypto journey. It is a checkpoint, a moment to align ambition with structure and creativity with responsibility.

How we navigate this transition will determine whether Nigeria remains a market of adoption or becomes a leader of sustainable digital finance in Africa and beyond.

About the Author

Bidemi Oke is the Chief Executive Officer of FlashChange, a fintech platform focused on secure digital asset exchange. He is an entrepreneur and vibrant leader, recognised for driving innovation and redefining access in the financial technology industry.

The post New Cryptocurrency Tax Regime in Nigeria | By Bidemi Oke appeared first on Tech | Business | Economy.

The new capital will support the expansion of its global operations, strengthen its regulatory presence, and enhance its institutional banking infrastructure.

The round saw participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund, and GC&H Investments. With this latest injection, Pave Bank’s total funding now exceeds $44 million.

Founded on the belief that the future of money is programmable, Pave Bank aims to provide a single, regulated platform for institutions managing both fiat and digital assets. 

The bank integrates commercial banking services, such as deposits, payments, foreign exchange liquidity, and treasury management, with digital asset solutions including instant settlements and OTC trading.

“The global financial system is moving towards regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” said Salim Dhanani, co-founder and CEO of Pave Bank. 

“We have built a multi-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets. This is about redefining how money moves safely, transparently, and automatically across the world’s financial systems.”

Through its unified interface, businesses can manage fiat and digital assets in real time, automate treasury operations, and eliminate the inefficiencies of multiple intermediaries. Exchanges, corporates, and institutional investors can streamline operations, optimise liquidity, and ensure compliance, all under a single regulatory framework.

Since its inception, Pave Bank has prioritised sustainable growth and operational efficiency over rapid expansion. In its first nine months, the company recorded profitability in seven, supported by automation and technology-driven systems across compliance, treasury, and engineering functions. 

Despite a lean team of just over fifty professionals, Pave Bank maintains a focus on intelligent scaling while safeguarding risk management.

“The companies we serve are large, sophisticated corporations and institutions operating across markets,” Dhanani added. “They expect their bank to be as fast and adaptive as the technology companies they partner with, but with the security, compliance, and oversight of a regulated financial institution. That’s the gap we’re closing.”

Investors share this long-term vision. “As digital assets become an integral part of the global financial ecosystem, there is a strong need for a well-regulated, full reserve approach to banking at the intersection of fiat and digital assets. Pave Bank is at the forefront of this fundamental shift in how financial infrastructure operates and we are excited to partner with them,” said Rachit Parekh, partner at Accel.

Ganesh Rengaswamy, partner at Quona Capital, also noted the potential of Pave’s model. “By powering mainstream fintechs and digital platforms through its programmable banking infrastructure, Pave is leading the new age transformation in financial services and enhancing the experience for end-users. 

“Pave’s programmable, full-reserve approach combines the best of traditional banking and digital assets and has the potential to catalyse widespread adoption of stablecoins, deepening financial inclusion across markets. It’s an ambitious vision grounded in real-world execution.”

The funding shows institutional trust in programmable and regulated finance is growing. Pave Bank’s hybrid model stands out as one of the few that can handle stablecoins, bitcoin, and traditional currencies under the same prudential standards. 

The company will continually work closely with regulators to ensure compliance and interoperability across different jurisdictions.

Pave Bank plans to expand its licences, enhance its programmable treasury and institutional products, and strengthen ties with major financial and digital asset networks. Its long-term goal is to become the global financial institution where the traditional and digital economies converge.

The post Pave Bank Raises $39 Million to Scale World’s First Programmable Bank for Digital Assets appeared first on Tech | Business | Economy.

Yet only 51% of organisations’ leaders are confident that their ex-employees don’t have access to company data stored in cloud services, and just 53% are sure that former workers can’t use corporate accounts.

While, according to studies team retention was the top priority for almost half of organisations throughout the pandemic, many businesses still might have to resort to job cuts in order to reduce costs during hard times. 

Kaspersky surveyed more than 1,300 business leaders in small and medium-sized organisations across the globe to learn what tactics they chose to keep their business afloat, and what cybersecurity risks anti-crisis measures could bring.

Given that almost half of respondents couldn’t confidently claim that their ex-employees didn’t have access to their company’s digital assets, reductions in staffing may put the safety of data and company livelihood at additional risks.

Ex-employees misuse of data in new jobs or to drum up business for themselves were major concerns for bosses.

The survey results suggest that most business leaders worried that former employees will share the company’s internal data with new employers (63%) or use corporate such as previous client databases, to launch their own business (60%).

Overall, 31% of respondents consider reductions in employment as a possible measure to cut costs in case of a crisis.

Other popular cost-cutting steps include a decrease in spending for advertising and promotion (36%) and vehicles (34%). Cybersecurity, on the other hand, appeared not to be an area of the business where leaders would prefer to save budget.

“Unauthorised access can become a huge problem for any business, affecting the competitiveness of a company when corporate data is transferred to a competitor, sold off, or deleted,” explains Alexey Vovk, Head of Information Security at Kaspersky. “This problem becomes more complicated when employees actively use non-corporate or “shadow IT” services which are not deployed or controlled by corporate IT departments. If the usage of these services is not managed after an employee is dismissed, there is little chance that access to information shared via these applications will be shut off for a former worker”. 

To make sure that uncontrolled access and shadow IT won’t affect your company’s efficiency and security, Kaspersky recommends the following steps: 

• Keep control of the number of people with access to crucial corporate data, reducing the amount of data available to all employees.  Breaches are more likely to occur in organisations where too many employees work with confidential valuable information that can be sold or somehow used.
• Set up a policy for access to corporate assets, including email boxes, shared folders, and online documents. Keep it up to date and remove access if an employee leaves the company. Use cloud access security broker software that helps manage and monitor employee activity within cloud services and enforces security policies.
• Make regular backups of essential data to ensure corporate information stays safe in case of emergency. 
• Provide clear guidelines on the usage of external services and resources. Employees should know which tools they should or shouldn’t use and why. When switching to any new software for work, there should be a clear procedure of approval with IT and other responsible roles.
• Encourage employees to have strong passwords for all digital services they use and to change passwords regularly.
• Regularly remind staff about the importance of following basic cybersecurity rules relating to safe account and password management, email security, and web browsing. A comprehensive training program will allow your workers to not only gain the necessary knowledge but also to apply it in practice.
• Employ dedicated cybersecurity services which provide visibility over cloud services, such as Kaspersky Endpoint Security Cloud. 

The post About 50% SMB Leaders Fear ex-employees Can Access Company’s Digital Assets appeared first on Tech | Business | Economy.

The partnership follows Bybit’s receipt of its MiCAR license in May 2025 and the rollout of Bybit.eu, enabling verified EEA users to onboard to a fully compliant platform, where they can get yield approved assets to earn XION.

The Launchpool will feature a total pool size of 100,000 XION, distributed as follows: 

• 50,000 XION to XION stakers (estimated APR: 60%)
• 30,000 XION to MNT stakers (estimated APR: 36%)
• 20,000 XION to USDC stakers (estimated APR: 24%)

As one of the few Layer-1 projects backed by Circle Ventures, XION has seen strong traction in bringing blockchain-based experiences to everyday users, with over 100+ global brands leveraging its platform. 

XION has been steadily growing its European presence, as it became the first Layer-1 blockchain to publish a MiCA Title II whitepaper, integrated natively with Paris-based Ledger in June, listed on Bitvavo earlier this summer, and is already working with leading European brands on blockchain-powered consumer experiences.

Similarly, one of Bybit’s main focuses in 2025 is its European expansion. Being the inaugural Launchpool partner on Bybit EU MiCAR-compliant EU platform, XION will have access to a growing regulated European audience.

“Being the very first Launchpool on Bybit EU is a major signal of XION’s deep partnership with Bybit and our shared focus on expanding compliantly in the European markets,” said Anthony Anzalone, Founder of XION.  

“Europe is now the proving ground for regulated digital assets, and together with Bybit EU we’re setting a precedent for how mainstream audiences can discover and engage with blockchain technology in a safe, intuitive way.”

“Recently securing our MiCAR license in Austria represents our commitment and major focus in 2025 to bring compliant, innovative crypto services to European users. Today’s launch with XION, a blockchain focused on mainstream adoption of crypto, demonstrates how regulation can accelerate rather than hinder innovation, and perfectly aligns with our European expansion strategy.” – Mazurka Zeng, CEO of Bybit EU.

The collaboration also builds on XION’s earlier relationship with Bybit, where the company featured on Bybit Global’s Launchpool during its TGE. The renewed partnership underscores the two companies’ shared commitment to making blockchain accessible to everyday users.

The post Bybit EU Partners XION for First MiCAR-Compliant Launchpool, Unlocking Access for 450M+ Users appeared first on Tech | Business | Economy.

Techeconomy gathered that the Bill signed into law by President Tinubu clearly recognises digital assets such as crypto and investment contracts as securities.

Described as landmark legislation, the President’s action has been hailed by stakeholders as a major boost to the capital market.

Industry players also believe it will strengthen the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.

The enactment of the ISA 2025 reaffirms the authority of the Securities and Exchange Commission (SEC) as the apex regulatory authority of the Nigerian capital market.

The new Act empowers the SEC to regulate the market to ensure capital formation, the protection of investors, maintenance of a fair, efficient and transparent market and reduction of systemic risks.

The Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice.

Some of the salient provisions of the Act is that it expressly prohibits Ponzi, and other unlawful investment schemes and also prescribes stringent jail terms for promoters of such schemes.

The new law equally addressed existing restrictions vis-a-vis raising of funds from the capital market by states to allow for greater flexibility in this regard.

The law shows President Tinubu -led administration now recognises virtual/digital assets such as cryptos and investment contracts as securities.

The post Tinubu Signs Bill Recognizing Crypto, other Digital Assets appeared first on Tech | Business | Economy.

After three years of successful operations, the company has decided to shut down its exchange services, leaving many in the Nigerian crypto community pondering the implications of this strategic move.

This development has evoked memories of a similar event when Paxful exited the market in April, highlighting the gravity of the decision.

Bundle Africa attributes the shutdown to a crucial need for “business restructuring,” and the factors that led to this pivotal decision.

Furthermore, how the company plans to adapt by shifting its focus towards the peer-to-peer platform, Cashlink

A Strategic Pivot to Cashlink

Bundle Africa, in a statement published on its website, revealed that the decision to cease its exchange services was initiated by its shareholders. The company aims to concentrate its resources and energy on the growth and development of Cashlink, a peer-to-peer platform tailored to cater to the evolving needs of the growing Web3 and blockchain communities.

By focusing on payment solutions that align with this ecosystem, Bundle Africa intends to stay relevant in a rapidly changing market.

Notable Achievements and User Base

Throughout its three-year run, Bundle Africa achieved significant milestones. The company reported an impressive user base of 50,000 monthly active users and facilitated a monthly transaction volume of $50 million on its exchange platform.

Additionally, its peer-to-peer platform, Cashlink, recorded over 3 million transactions. These accomplishments reflect the company’s initial success and demonstrate its potential in the digital payment space.

Transition and User Guidelines

Following the announcement of the shutdown, several operational changes were introduced. Users will no longer be able to register on the Bundle platform, deposit assets into their wallets, or perform asset swaps (except for USDT).

To facilitate a smooth transition, the company has advised its users to withdraw their funds to any exchange of their choice before the 30th of August, 2023. The ability to convert to USDT will be available until this date.

Safekeeping of User Funds

Understandably, the sudden decision to shut down exchange services may raise concerns among Bundle’s user base. To address these concerns, the company’s CEO, Emmanuel Babalola, assured users via a tweet that their funds are safe and can be withdrawn between the announcement date and the 10th of September, 2023. This pledge aims to provide reassurance and build trust during the transition period.

Challenges in the African Crypto Industry

Bundle Africa’s decision to shut down its exchange services comes amidst a challenging time for the African crypto industry.

The continent has witnessed several startups facing financial difficulties, with some forced to close their operations or lay off staff. This harsh climate has been partially attributed to difficulties in raising funds and heightened market volatility.

One of the hurdles confronting Emmanuel Babalola in the crypto realm is the prevalent misconception held by some individuals about cryptocurrencies, he said in April 2022.

Unfortunately, many Africans lack sufficient information about crypto, leading them to unfairly label it as a scam. However, he is dedicated to altering this narrative by actively promoting crypto education across various platforms.

Regarding the challenges posed by the crypto ban, Babalola and his team have successfully navigated this obstacle by employing a peer-to-peer (p2p) approach. Through this method, they have found ways to continue crypto transactions despite the ban.

Regulation

Although Bundle Africa did not cite regulation as one of the reasons for shutting down, it’s important to note that cryptocurrencies and crypto-related services often operate in a regulatory gray area in many countries, including Nigeria.

Governments may implement sudden changes in regulations or be slow to provide clear guidelines, making it challenging for crypto platforms to comply with the law effectively. Similarly, when Paxful shut down in April, it cited the regulatory environment as one of the reasons.

Future

Bundle Africa’s decision to shut down its exchange services after three years of operations marks a significant shift in its business strategy.

The company’s focus on Cashlink, a peer-to-peer platform catering to the growing Web3 and blockchain community, showcases its adaptability and determination to remain relevant in a dynamic industry.

As users withdraw their funds and the company undergoes this transition, maintaining transparency and offering unparalleled support will be crucial in winning the trust and confidence of its users and the crypto community at large.

Only time will tell how this strategic pivot unfolds and what the future holds for Bundle Africa and Cashlink.

The post Unveiling the Story Behind Bundle Africa’s Shutdown appeared first on Tech | Business | Economy.