One of the main messages we always harp on is “real-world”, “real-world’, “real-world”… real-world use cases, real-world integration, real-world adoption, real-world people using Xend Finance to save, convert their local currency to stable currencies, and collect higher interest rates through Xend Finance’s DeFi protocol. We are excited to announce a major milestone that shows just that.
People are saving and using our product. While we have some major tech announcements to make over the next month, we have been aggressively courting potential savers throughout Africa (and beyond). Check out some of our ads on our Instagram here and below.
While we have over $1 million now locked on Xend Finance, we also have crossed $6 million that has crossed through our platform! Read the press announcement below:
A Total Of $6 Million Has Crossed Through The DeFi Savings Platform Since Launching In March, With The $1 Million TVL Set To Earn $200,000 In Interest
AUGUST 19, 2021, Enugu, Nigeria — Xend Finance, the first decentralized finance (DeFi) platform for credit unions and cooperatives, today announced the company has passed $6 million in savings on the platform, with $1 million in Total Value Locked (TVL) by savers across Africa. The African-based company focuses on the unbanked and countries with constantly devaluing currency. Xend Finance allows credit unions, cooperatives, esusus, and individuals to convert local currency into stable cryptocurrency — whose value is constant and pegged to the U.S. Dollar — and save with guaranteed higher interest rates that are tied to DeFi opportunities in cryptocurrency.
“We are very proud that we have locked up over one million dollars-worth of savings in the African region, which is a significant sum considering the average monthly pay,” said Ugochukwu Aronu, CEO of Xend Finance. “We are dedicated to making it easier for underserved people to save in stable cryptocurrencies, with much higher interest than traditional banks can offer — which is a concept that is foreign to many in Africa.”
Currently more than five million $XEND tokens have been staked. The company is backed by Google Launchpad and Binance, amongst other investors, and publicly launched at the end of March. The Xend Finance DeFi platform eliminates traditional financial intermediaries. Xend Finance’s smart contract periodically invests user funds on leading DeFi lending protocols, including Yearn Finance, Compound, AAVE, dYdX, Venus, DefiDollar, and Fortube. 80% of the interest generated from DeFi lending networks is paid to saver’s deposits.
“Africa is a very important region for the benefits of cryptocurrency — and one of the most optimal for the advancement of the industry as a whole,” said Kenzi Wang, Founding Partner of AU21. “Many parts of the continent face widespread local currency devaluation and millions are unbanked. Cryptocurrency and what Xend Finance is offering puts the power back in the hands of the people, as opposed to the people waiting around for governments to stabilize their currency.”
About Xend Finance
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and home country currency. Members can earn multiple levels of interest on their savings by seamlessly exchanging their crypto or fiat currency to stable cryptocurrencies and staking — the process of locking up crypto assets to earn yields — on lending platforms so members can earn compound interest on their money. The Xend Finance platform is the first decentralized finance (DeFi) credit union.
The team is made up of experienced professionals with backgrounds in mathematics, finance, cryptography, and blockchain development, working for some of Africa’s largest employers, including KPMG, Chevron, and Stanbic Bank. Xend Finance is backed by Binance, Google Launchpad, NGC Ventures, Hashkey, and AU21 Capital, amongst others, and is headquartered in Enugu, Nigeria.
Thank you for taking part in this journey so far. We have many more milestones to pass, as we’re just getting started! If you haven’t already, go and collect up to 70% in interest! Here 👉🏾 https://bsc.xend.finance/.
You can thank me later!
Head of Marketing