Xend Finance Launches New Utilities

Xend Finance, the first African startup to build on BNB Chain, is set to further widen its scope of service to the African Decentralized Finance (DeFi) community with the latest suite of utilities released by the platform.

Xend Finance tweeted on July 28 to announce the launch of XendBridge and SwitchWallet – the newest additions to the platform's lineup of products. XendBridge is a peer-to-peer crypto payment application programmable interface (API) through which African startups can process crypto-fiat transactions including Euros and U.S. Dollars, while SwitchWallet is a free crypto storage service free of regulatory hurdles, especially designed for African businesses. Both products are the first of their kind to offer such services to Africans. 

BSC News had an exclusive conversation with Xend Finance CEO Ugochukwu Aronu, who discussed how Xend's new products would go beyond benefiting business to also help grow African economies:

"On a macro scale, providing these infrastructures such as SwitchWallet allows funds to be domiciled in Africa. These funds can be applied to great use to develop the African ecosystem. For example, the float can be used to give out loans, and earn interest, and these will improve the overall economy of Africa as opposed to having the funds domiciled in other countries," Aronu said.

He added, “The Liquidity Providers that process the peer-to-peer transactions of XendBridge are mostly based in Africa. They handle exchanges between fiat and crypto giving them a large revenue base. This automatically improves our economy as we create extra revenue sources for Africans.”

In the light of the rampant DeFi exploits being experienced across the blockchain industry, BSCNews asked Aronu how secure XendBridge and SwitchWallet are.

He replied, “Xend Finance has invested over $500,000 on security audits on all our infrastructure. We have also developed a cold wallet-based key system that signs all transactions offline protecting user funds from hackers.”

Xend Finance’s crypto bank app, which helps Africans avoid local currency inflation by saving in dollar-based stablecoins, has had more than 100,000 sign-ups since its launch in December 2021. The Xend team’s innovations recently garnered Aronu an appearance on the cover of Bank & Entrepreneur Africa magazine.

Xend Finance's new products will help spread the adoption of DeFi in Africa. African startups, who often struggle with funds at the early stages, can cut down on costs and development time by integrating the XendBridge and SwitchWallet. Not only would these businesses be able to grow in scale better, but Africa and its population could also have a positive economic boost as a result.

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What Is Xend Finance:

Xend Finance is the first DeFi platform for credit unions and cooperatives. The platform provides a DeFi alternative for people in unstable economies to earn on their savings while protecting their assets from inflation and local currency devaluation. 

Xend is a recipient of over $2 million in funding from Binance, Google, etc. Though of Nigerian/African origin, Xend's vision is global. The team comprises experienced professionals from the fields of cryptography and blockchain development etc.

Where to find Xend Finance:

Website | Twitter | Medium | Telegram | Discord | YouTube | Facebook | Reddit 

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