Yele Bademosi Has Stepped Down As CEO Of Bundle Africa, And Emmanuel Babalola Has Taken Over The Position
Yele Bademosi has stepped down as CEO of Bundle Africa, and Emmanuel Babalola has taken over the position
Yele Bademosi, the founder of Microtraction and a former Director at Binance Labs, has officially resigned from his position as CEO of Bundle Africa, a social payments app that accepts both cash and cryptocurrency.
On Saturday, the company's founder revealed his decision in a blog post. According to him, he was stepping down in order to investigate other areas in the African crypto community that required assistance.
Mr. Emmanuel Babalola, the company's current director of operations in the continent, has been appointed to replace Yele as interim CEO of the company.
Over $50 million in monthly transactions
Yele is stepping down from the company he founded more than two years ago on amicable terms. As an incubated startup within the Binance ecosystem, Bundle Africa got its start in 2014.
At the time, Yele was still Director of Binance Labs, the venture arm of the cryptocurrency platform (Binance), where he was tasked with developing Africa's blockchain ecosystem, according to a press release.
Since then, the company has grown to become an Africa-focused social payments app for cash and cryptocurrency, with more than 350,000 users and a monthly transaction volume of more than $56 million dollars in revenue.
Bundle users in Nigeria have the ability to trade cash in Naira as well as cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), the Binance utility token BNB, and the Binance dollar-denominated stable coin BUSD, among others.
Now, the company is assisting in the spread of cryptocurrency adoption on the continent by making it more enjoyable, easy to use, and inclusive for people in Africa.
A new leader
Despite Yele's departure, the company is poised to continue its expansion. Emmanuel, the new CEO, has more than three years of experience in the cryptocurrency industry.
In his previous role as Director of Binance Africa, he had the opportunity to collaborate with Yele on the funding of some of today's most successful cryptocurrency startups, including Xend, Yellowcard, and Bitsika.
The African crypto community has benefited greatly from his extensive knowledge of digital currency, which he has expressed in a number of public forums.
Yele expressed delight at the prospect of Emmanuel taking over the position. His comments were followed by a statement stating that the Binance Labs director has made tremendous contributions to the blockchain ecosystem and believes that he is the best possible successor.
In conclusion
Yele says he will continue to work toward increasing the adoption of digital currency throughout Africa in the coming years.
In my opinion, blockchain technology and cryptocurrency are critical players in Africa's economic transformation, and I will continue to devote my efforts to supporting and growing the fledgling crypto community in Africa and other emerging markets.
Bundle Africa is preparing to launch in Ghana this summer. It is Africa's fourth-largest cryptocurrency market, trailing only Nigeria, South Africa, and Kenya in terms of volume.
In light of the recent surge in cryptocurrency adoption across the continent, the company stands to gain from expanding its cash/crypto payments solution to the Ghanaian market, according to the company.
