Cryptocurrencies

Yele Bademosi Steps Down as CEO of Bundle Africa

CEO Yele Bademosi and Taiwo Orilogbon, head of engineering, discuss business at the Bundle offices.

Yele Bademosi, the founder and CEO of the Nigeria-based crypto payments app Bundle Africa, is stepping down as the head of the company. 

Bademosi announced his decision to step away from his current role, effective today, in a blog post on Friday. He wrote that he intends to focus on driving digital currency adoption across Africa. He will be succeeded by Binance Africa director Emmanuel Babalola, at least on an interim basis.

“My focus for the next 12 to 18 months is really building infrastructure that can allow the inflow of capital to support innovation beyond the buying and selling of crypto,” Bademosi told CoinDesk. 

Related: Nigeria’s Central Bank Digital Currency Pilot to Start Oct. 1

Bundle Africa launched last year with backing from global cryptocurrency exchange Binance, which contributed $450,000 in seed funding for the creation of the payments app. According to Bademosi, the app has about 350,000 users now. Bademosi, who grew up in Nigeria, was a former director of Binance Labs before creating Bundle. 

Babalola is not only familiar with Africa’s crypto market. but he also knows how to navigate the global crypto sector comfortably, Bademosi said of his successor.

“[Babalola] is someone that I trust because we have the same mission and values, and I basically can’t imagine anybody else taking over,” Bademosi said. 

Bademosi did not specify his future projects, but said he has seen a lot of innovation in Africa’s crypto market in the last few months and there is a lot of room for innovation in social tokens, non-fungible tokens and peer-to-peer payments. 

Related: The Headache of ‘Crypto Colonialism’

“I’m very excited,” Bademosi said. 

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