The Startup is backed by a group of investors including Binance Labs and Google Developers Launchpad
Will be one of the first companies to build on Binance Smart Chain
An Enugu-based (Nigeria) startup — Xend Finance, the first decentralized finance (DeFi) platform for credit unions and cooperatives, has announced their public launch following a $1.5 million strategic investment round.
Those participating include Binance Labs, Google Developers Launchpad, AU21 Capital, Ampifi VC, JUN Capital, TRG Capital, and Sandeep Nailwal (Matic Co-founder), amongst others.
Xend Finance gives everyone access to the global money market so members can save and invest in stable currencies.
The Xend Finance platform also allows users to create their own credit unions and cooperatives, eliminating traditional middle men, while earning up to 15% annual percentage yield on their savings.
“Traditional credit unions have a number of limiting drawbacks, including only 1% annual percentage yield returns,” said the CEO of Xend Finance, Aronu Ugochukwu in a post on medium.com.
Continuing, Ugochukwu said, “Unlike credit unions, Xend Finance is not limited by geographic location, low liquidity, or absence of deposit insurance. Our groundbreaking technology fixes these problems and is safe, secure, open to all, and transparent”
User savings can be converted to stable currencies and staked — the process of actively participating in transaction validations on blockchains — on Lending platforms so members can earn compound interest on their money.
A Xend token will also be introduced to further ensure a decentralized governance on the Xend Finance platform, while also incentivizing members even more on their savings. Xend Finance will be one of the first companies to build on Binance Smart Chain and the first out of Africa.
“Along with Google, we were very impressed with the team at Xend Finance,” said the Partner at AU21, Kenzi Wang. “They’ve already built a network of 55,000 users and are tackling a trillion dollar industry that is perfectly suited for DeFi disruption. The Xend Finance product protects people’s savings in developing countries by giving them access to stable currencies on the global money market.”
“Xend Finance is an ambitious progression from the impressive suite of services already offered to SMEs such as payments, inventory management, and business intelligence,” said the Chief Operating Officer at LongHash Ventures, Shi Khai Wei. “As a leading blockchain accelerator, we are always excited to support teams who work towards solving real pain points and building a more inclusive financial system. As blockchain spurs financial inclusion around the world, Xend Finance is beyond doubt part of the vanguard to wrought change.”
More things to know about Xend Finance
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and home country currency.
The Xend Finance platform is the first decentralized finance (DeFi) credit union built on the Binance Smart Chain. 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 headquartered in Enugu, Nigeria.