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Nigerian startup Xend Finance launches DeFi platform for credit unions in Africa

2 Mins read

Xend Finance, the first decentralized finance (DeFi) platform for credit unions and cooperatives, announced their mainnet launch, opening up the ability for credit unions to be able to access DeFi for their members. 

Individuals will also be able to use the Xend Finance platform on their own to create cooperatives and Esusu groups, a traditional African way of rotating savings. 

Xend Finance is the first DeFi company to launch out of Africa and the first to be built on the Binance Smart Chain (BSC), a high-speed blockchain that allows smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM) blockchain, while reducing gas fees.

DeFi, or Decentralized Finance, provides peer-to-peer alternatives to traditional financial services and institutions. The Xend Finance platform brings DeFi and higher APYs (Annual Percentage Yields) to members by eliminating intermediaries, central oversight, and removing technical knowledge, making financial markets more accessible to underserved communities. 

“We are very excited about the mainnet launch of Xend Finance, with a team we backed early on that has a strong foothold in Africa and have been strong advocates for what Binance Smart Chain can accomplish. With their platform, they are able to bring stable currency and DeFi investment opportunities to those who normally wouldn’t have them.”

– CZ, CEO of Binance.

Along with the mainnet launch, Xend Finance is also introducing the $XEND token through a Token Generation Event (TGE) on Balancer. The $XEND token rewards users of the Xend Finance platform for performing different operations in the protocol, as well as allows a decentralized governance of the Xend Finance ecosystem.

“The problem for the citizens of many countries in Africa is that their currency valuations fluctuate wildly, often devaluing greatly compared to other regions. Through our platform and Binance Smart Chain, people can channel their savings into stable currencies, without worry that their money will devalue overnight, and earn higher interest rates through DeFi. We are very excited that blockchain will have a positive impact on the people of Africa.”

– Ugochukwu Aronu, CEO of Xend Finance.

Xend Finance’s Public Sale Round will occur through a Balancer Liquidity Bootstrapping Pool (LBP) on March 22, 2021. A total of 13.3M XEND tokens (6.65% of total token supply) will be up for sale during this round.

The LBP launched at 15:00 (UTC+0), March 22, 2021 and end at 15:00 (UTC+0), March 24, 2021, or until all $XEND tokens have been purchased — whichever happens first. You can read more about the details of our Balancer Public Sale round in our previous post here.

Source: Xend Finance

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