bundleafrica Question and answer

bundleafrica Question and answer by yele bademosi

Good evening everyone,you are welcome to our 9th AMA session with BNUG. We are privileged to have Bundle, a Crypto payment platform from Nigeria leveraging on the various social media platforms available to do transaction. We welcome @yeleb the CEO of Bundle to take over from here

Ok just tell us about Bundle you new baby.

Hi Everyone, I’m Yele. CEO of Bundle, a social payments app for cash and crypto.

Previously, I was the director at Binance Labs, where i was responsible in investing in Blockchain projects across Africa. We did 5 deals last year and invested in companies like Bit Sika, Yellow Card, Xend, Raise & Phishfort

The goal for Bundle is simple, we want to build an application that’s focused on driving the adoption of digital assets on the continent, by making it more accessible and inclusive for any African

In order to do this, we decided to put crypto alongside cash, so that crypto transactions feel as simple and intuitive as cash

Today we support BTC, BNB and ETH but we will be adding more assets based on user demand. We should be listing a new asset next week

I wan to congratulate you for the wonderful bundle app!!

However My questions goes:

1. Will the app support Lending/borrowing ?

2. Are you looking to integrate staking of the supported crypto assets ?

We plan to support lending/borrowing/staking in the near future. It’s definitely on our roadmap. We will kickstart our community and allow our active ussers vote on what features we should build next.

How do you ensure safety of user’s fund with the app and hope my funds are protected from hack?

We follow the best practices when it comes to security, we also had an external 3rd party security auditor review our entire architecture. For security sake we can’t disclose everything but we take security very seriously and hopefully we can launch something similar to SAFU fund in the near future

What criteria is applied in selecting coins to add?

This will be based off user demand as well as trading activity on exchanges like Binance for instance. We might list assets that aren’t on Binance as well

Being a social payment app for cash and Crypto, Asides NGN which other currencies are being supported on Bundle?

We are hoping to launch a new country before the end of the month, can’t disclose yet but we want to be quite aggressive in the number of countries we support by EoY.

Why choose Nigeria? Plans for other countries?

We looked at the crypto market in Africa and Nigeria is one of the most vibrant and active on the continent, you also have Kenya, South Africa and Ghana doing really well too. But we plan to open up other countries to crypto as well

Based on privacy issues does bundle store users information on its servers?

We don’t store things like card details on our servers and pretty much all the info we have is encrypted. Our engineers worked at Trustwallet, Carbon, Andela, Interswitch, Sterling and many more so we take security and privacy seriously

Is bundle a wallet i.e having dynamic sending fees Or an exchange, having fixed sending fees?

We have no fees atm, any fees on the platform are either network fees from external withdrawals e.g. to another exchange or our fiat partner transaction fees

Why ngn not available

NGN is available, it’s our first fiat pair

Is it safe to say Bitsika is a competitor of Bundle?….

We don’t think so, I’m a good friend of Atsu and supporter of Bit Sika. Invested in him twice via Binance Labs and Microtraction. They are some similarities but also vast differences, which will become clearer over time.

What is your competitive advantage against other projects and how do you outplay them?

We focus on usability and simplicity, a lot of our users are first time users of crypto. It should be simpler than using your bank. We also think product innovativeness, we have a number of features that will be industry first at least in Africa

Custodian or non custodian?

Custodian but you can withdraw your coins at anytime.

In this age where momo services provided by telecom companies is taking over Africa, how do you intend to make people choose bundle over that, especially when internet is involved in the use with bundle?

We dont see MoMo as competitive to what we offer, we actually adding MoMo as a payment option and testing this internally. At the end of the day texts and whatsapp co-exist, we think Bundle and MoMo will do the same

DeFi is the new frontier and projected to buzz up in 2020, what roles do you play in innovativeness of DeFi?

We are thinking closely about how we can play here. During the initial architecture of Bundle, as a very strong advocate of DeFi, we wanted to launch a non-custodial wallet, but we are focusing on a lot of first time users. We are inspired by Binance & Coinbase. Binance has Trustwallet and Coinbase has Coinbase Wallet. We migh launch our own non-custodial wallet with native support for DeFi

Any plan to have bundle token in the future?

Haha! There’s a possibility, but we won’t do this for the sake of having a token, it has to be useful and valuable to our community

What’s the maximum amount a user can transfer from bundle account to fiat bank account ?

We currently limit to ~N130,000 every 24hrs, but within the next two weeks will be N1m and we’ll then have a Lvl 3 tier that will be around N4m

Twitter CEO said Africa is the future for everything blockchain, how do you view this statement?

I was fortunate enough to meet Jack when he was in Nigeria, he’s exrememly bullish on bitcoin in Africa. I think he’s right, i’m dedicating my life to ensuring this technology succeeds in Africa because i believe it can lead to Africa’s economic transformation. Access to the best Financial Services should not be dependent on your location

Nigerians are still skeptical about Crypto. How will you overcome this?

Education plays a huge role, we have individuals like @chutachimezie and @Shadrach1 and many more who are passionate about crypto education. We plan to work with them and support the great work they are doing

What makes bundle legit to operate in Nigeria in terms of licences?

For now there are no crypto-licenses in Nigeria or most african countries, we follow the best practices that is common amongst fintechs and over the next 6–12 months we will go beyond this and do more. Can’t reveal the full details yet, as its a work in progress, but it’s important that we build a company that people love and trust

What is the limits for transactions?

We currently limit to ~N130,000 every 24hrs, but within the next two weeks will be N1m and we’ll then have a Lvl 3 tier that will be around N4m

How do you intend to get this product to the average Nigerian?

We are launching an affliate program soon, and are open to collaborating with reputable and trustworthy partners to drive adoption. We can’t go far alone

What collaboration is bundle tooling out for to foster adoption ?

The goal for Bundle is simple, we want to build an application that’s focused on driving the adoption of digital assets on the crypto

Do I need KYC to enjoy all the awesome features

We are open but KYC is very important if you are fiat-on/off ramp so we will have to acertain that the vendor is really good

Can you tell us Bundle’s geographical focus at the moment and the proces it follows for it BUSINESS DEVELOPMENT?

Only 1.4m africans today use crypto, We have more than 1B+ ppl, we are yet to cross the chasm, we hope to play a small part in getting to 10m+

What are some of the unique features of Bundle that would help attract more users to it?

Our competition is apathy and misinformation. Most people dont care and those that care, don’t understand because crypto is complex. We hope to simplify and be both a fiat and idealogical on-ramp into crypto

In order to make blockchain industry expand and grow, we need to have users that will be able to use apps with ease. What are some of the unique features of Bundle that would help attract more users to it?

It works similar to whatsapp & telegram for now, you just need to have somoene’s number to send them cash or crypto. We think education will play a huge role, if we can educate people and we are simple to use, these first time users will use bundle

How independent is Bundle from external parties like Binance?

We are incubated and backed by Binance but run an independent business, we think it’s the best of both worlds, i’ve been fortunate to be able to learn from CZ and other leaders at Binance on how to build a product that people love and do right by your users but then be able to do what we think Africa needs/wants

What idea gave birth to Bundle? Were there challenges faced by the team members when starting the project? I’m certain you didn’t despise the days of humble beginning?

I think getting the team together was the hardest part. We really wanted to build a world-class team and everyone was working on something else. So I had to paint a visiona nd future for what we want to build and the change we want to effect on the world but now we are a small but passionate army trying to do our bit to impact the world

I actually expect smart crypto writers/ bloggers here to aggregate these responses in a formal article ASAP. We may not have the opportunity to have these kind of content repeated sometime soon in such an honest and sincere manner.

Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So I want to know the value Bundle aim to add to crypto industry that will bring greater abundance to the industry?

One of my goals for building bundle is to figure out how we can make it easier for our users to earn and make money. The truth is if we can figure this out, we will get a LOT of users. We are inspired by Binance Savings, Coinbase Earn, Amazon’s Mechanical Turk and lots more. We are also exploring smart alerts that will use data sci & analysis of some popular indicated and help our users trade better

What is your greatest threats going forward and what plans are in place to overcome them?

Our greatest threat is poor execution, we have a great opportunity ahead of us and we need to make sure we are building something people want, listening to our users/community and iterating our product based on this. I would love to learn from the community on what we should build, how can we better serve you.

Asides launching of the Bundle application and marketing and promotion which are your core goals for 2020. Is there any other thing to be excited about? As human beings our needs are insatiable, we need to know more?

I would like to be in as many as 20–30 countries by EoY, no matter the volume. Even if 1 user will trade or use Bundle in that country, it doesn’t matter. The fact that we can enable someone in over 50% of the countries on the continent buy/sell BTC or BNB, that’s a big deal.

I promise I’ll share our public roadmap with the group as soon as we can and would love to hear feedback

Bundle need referral program to speed up adoption

Coming Soon….

thanks for compilation by coinoffice https://twitter.com/Odutolaconnect

Leave a Comment

Your email address will not be published. Required fields are marked *