Review on Bundle by Benaiah A. Akinlade
BUNDLE: AFRICA’S OWN MINI BINANCE
The Bundle crypto wallet/exchange platform was introduced by Binance crypto exchange as a localized form of wallet and exchange service that allows African fiat currencies to be easily converted to cryptocurrencies and vice versa. Once you have completed your KYC (not compulsory), you have access to trade a wide range of cryptocurrencies and withdraw directly to your linked bank account(s).
The app allows me to passively earn through the vault; which I can add my BUSD to either the Fixed plan or the Flexible plan. The Fixed plan enables me to lock my BUSD with a 6.65% interest yield that I can redeem at a date that I set while the flexible plan enables me to save my BUSD with a 6% yield that I am able redeem at any time of my choosing. There is also an avenue for me to buy gift cards.
The wallet/exchange currently supports 12 cryptocurrencies including the just launched Bundle native token BXD which I received 500 BXD (not tradable at the moment). It also accommodates saving my fiat currency (NGN)
From my experience with using the Bundle wallet, I can categorically vouch for the solidity and efficiency of the wallet, although I opine that more cryptocurrencies should be adopted and I believe efforts are in place to ensure the integration of crypto coins available on Binance exchange to be accessible on Bundle. There is also need for more fiat currencies to be accessible since it is targeted towards the African economy. This is due to the fact that I can only access the Nigerian Naira (NGN) in exchange for crypto on the wallet although this may be due to the fact that I am located in Nigeria.
Pros
- The fees attributed to trading and withdrawal to bank account (50 NGN) is minimal including the 1.5% fee attributed to paying into the wallet through Debit cards
- Transactions are completed very fast on the wallet.
- The wallet is easy to use and is available on Android and iOS devices.
- The "Vault" is a good way to earn passive income through accrued interests
Cons
- The wallet is not yet quite popular enough
- The wallet seems not to support enough African fiat currencies
- The natve token BXD is currently not tradable
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Comments (1)
January 09, 2021
This is a solid move from Binance by creating a localized exchange platform for Africans, exploring these vast and rich market is a step in the right direction, however the need to expedite actions on its addition of more fiat from this domain will make Bundle a more attractive exchange to us. This review is very informative.
