Xend Finance, the fist decentralized finance (DeFi) platform for credit unions and cooperatives, and the first true DeFi project and company out of Africa, has announced its mainnet launch.
At the same time, the $XEND token public sale has gone live on the Balancer decentralized exchange opening up the ability for credit unions to access DeFi for their members.
Speaking about this milestone, CZ, CEO of Binance, said:
“Africa is one of the most important continents, representing the future and emergence of DeFi and blockchain capabilities.
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.”
– CEO, Binance
3x Firsts for Xend Finance starting NOW! 🤯— Xend Finance (@xendfinance) March 22, 2021
1. First #DeFi Credit Union platform opens to public!
2. First DeFi and #BinanceSmartChain -built company to launch in Africa🔥@BinanceChain
3. First time #XEND token available through LBP on @BalancerLabs 🦄https://t.co/cDrepS7jXp
Speaking about the DeFi revolution on the African continent in light of the launch, Oguchukwu Aronu, CEO of Xend Finance, said:
“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.”
– CEO, Xend Finance
Check out this exclusive BitKE interview with Xend Finance CEO, Aronu, as he discusses the project inception, vision, and lessons for fellow African entrepreneurs on how to build successful crypto projects:
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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