[PRESS RELEASE: DECEMBER 15, 2020, ENUGU, NIGERIA]
Xend Finance, the fist decentralized finance (DeFi) platform for credit unions and cooperatives has today announced the first testnet on the Binance Smart Chain.
The incentivized testnet is the first public opportunity to earn the future $XEND token that is set to be distributed with the company’s mainnet launch.
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SEE ALSO: Xend Finance, a Nigerian Startup, Announces the First-Ever DeFi Platform for Credit Unions
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Xend Finance gives everyone access to the global money market to help members save and invest in stable currencies. The testnet will enable the general public interact and transact with the Binance Smart Chain as well while trying out Xend Finance features.
Speaking about the launch, Aronu Oguchukwu, CEO, Xend Finance, said:
“After our launch last month, we’ve had an overwhelming response to our upcoming product and to what this means for credit unions and cooperatives in developing countries around the world.”
“We decided to incentivize our testnet to gain maximum international traction to test our protocol bandwidth, while also giving the community a feel for how seamless and scalable Binance Smart Chain transactions will be.”
– CEO, Xend Finance
Speaking about the impressive growth of Xend Finance, CZ, CEO, Binance, said:
“The Xend Finance team have been great ambassadors of leveraging DeFi and the benefits of Binance Smart Chain in Africa and beyond,.
“We’ve been very impressed with their community growth after just one month of launch and look forward to welcoming their active user base to our growing ecosystem.”
– CEO, Binance
200, 000 $XEND will be awarded to the public simply for participating with winners chosen weekly and overall for completing a set of tasks.
About Xend Finance
Headquartered in Enugu, Nigeria, Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and home country currency.
The platform eliminates traditional finance middle men, while earning up to 15% annual percentage yield on member’s savings. Members can earn multiple levels of interests on their savings (in stable currency and $XEND) by seamlessly swapping their crypto or fiat currency to stable cryptocurrencies and staking – the process of locking up your crypto asset to earn yields – on Lending platforms so members can earn compound interest on their money.
Xend Finance is the first African company to build on Binance Smart Chain.
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RECOMMENDED READING: [VIDEO] Top 17 Key Questions Binance CEO, CZ, Responded to About Africa – Binance AMA in Africa
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