Founder of Microtraction and former Director at Binance Labs, Yele Bademosi, has officially stepped down as CEO of Bundle Africa, a social payments app for cash and cryptocurrency.
The founder disclosed his decision in a blog post on Saturday. According to him, he was stepping down to explore other areas that needed support in the African crypto community.
“It has been one amazing ride but I believe the time has come for me to take a step back and explore other areas that need more support in the African crypto community beyond traditional buy-and-sell currency trading.”Yele Bademosi, the founder of Bundle Africa
Emmanuel Babalola, the current director of Binance Africa, has been appointed to take over Yele’s role as the interim CEO of the company.
Over $50 million in monthly transactions
Yele is leaving the company he founded over two years ago on good terms. Bundle Africa started as an incubated startup within the Binance ecosystem.
At the time, Yele was still Director of Binance Labs, the venture arm of the crypto platform (Binance) where he was charged with developing Africa’s blockchain ecosystem.
Since then, the company has grown to become an Africa-focused social payments app for cash and cryptocurrency, with over 350,000 users and over $56 Million in monthly transaction volume.
Bundle users in Nigeria are able to trade cash in Naira and cryptos including Bitcoin (BTC), Ethereum (ETH), Binance utility token BNB and its dollar-based stable coin BUSD.
Now, the company helps drive crypto adoption on the continent by making it more fun, easy to use, and inclusive for Africans.
A new leader
Although Yele is leaving, the company is poised to keep growing. The new CEO, Emmanuel has over 3 years of experience in the crypto industry.
In his position as Director of Binance Africa, he was able to work with Yele to raise some of today’s leading crypto startups including Xend, Yellowcard, Bitsika.
He has a tremendous understanding of digital currency and has been a vocal supporter of the African crypto community.
Yele expressed excitement that Emmanuel was taking over the post. He added that the Binance Labs director has made tremendous contributions to the blockchain ecosystem and believes that he is the best successor he could hope for.
Going forward, Yele says he will work towards improving the adoption of digital currency across Africa.
“I truly believe that blockchain technology and crypto are critical players in Africa’s economic transformation and I will continue to gear my efforts towards supporting and growing the nascent crypto community in Africa and other emerging markets.”
Bundle Africa is set to launch in Ghana. The country is Africa’s fourth-largest cryptocurrency market, trailing Nigeria, South Africa and Kenya.
With the current boom in crypto adoption across the continent, the company is poised to benefit from expanding its cash/crypto payments solution to the Ghanaian market.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!