Binance Launches Social Payment App "Bundle" in Africa
The spread of blockchain technology and it's integration across all economies and societies knows no bounds. Sequel to the blockchain vision and Binance’ innovative stride to serve its purpose as the foremost blockchain backed cryptocurrencies exchange platform, the Asian exchange giant has announced the launch of a social payment App Bundle in Africa which is similar to the Ethereum backed payment platform launched by Dharma, A San Francisco based peer to peer lending platform. The Dharma payment platform makes it possible for users to make or send US Dollars to any Twitter user or account.
Drawing from the official announcement on Binance website, Bundle’s product vision is to evolve into a super-app with a native digital wallet that supports crypto and cash - one that becomes an ultimate transact hub in everyday life for Africans and the world. With Africa in view, the new social payment app will allow users to store cryptocurrencies for safekeeping while also enabling the buying and selling of cryptocurrency assets.
Owing to the great stride and increased cryptocurrency trading in the Nigeria cryptosphere, the binance Social payment App was launched with the Nigerian Naira NGN as the flagship fiat currency and the app supports Bitcoin (BTC), Ethereum (ETH) and Binance coin (BNB) with plans to integrate more indigenous African currencies as well as more cryptocurrency assets. With these inclusions, the Social Payment App will undoubtedly reach more traders and investors on the African continent. This initiative will also go a long way in helping to drive the financial inclusion drive of most African governments as well as the digital development of the masses.
According to Yele Bademosi, a former director at Binance Lab’s Venture Arm;
“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 built Bundle as a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app like Venmo”
This mission statement captures the transaction demographics of African millennials and the launching of this app will add good credence to their existing thirst for transaction independence.
The app is projected to support over thirty (30) African countries by the end of the year. Although the bundle raised about $450,000 in seed funding from Binance last year September, it will be operated independent of Binance.
Social payments apps are not new in the cryptosphere but the target markets and the unique features they come with determines a lot. Such innovations like these including: Electroneum, Circle Pay, BitPay, Coinomi and so on are built as mobile friendly payment apps to facilitate easy person to person transactions. With the new Binance Social payment App which launches today as the first of its kind, we hope to see a great bridge building in the financial transaction hurdles faced by Nigerians, Africans and the world at large.
image source: Binance.com