Xend Finance, the first decentralized finance (DeFi) platform for credit unions and cooperatives, today announced its 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 startup’s platform also allows users to create their own credit unions and cooperatives, eliminating traditional middlemen, 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 Aronu Ugochukwu, CEO of Xend Finance.
“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 decentralized governance on the Xend Finance platform, while also incentivizing members even more on their savings. The startup will be one of the first companies to build on the Binance Smart Chain and the first out of Africa.
“Along with Google, we were very impressed with the team at Xend Finance,” said Kenzi Wang, Partner at AU21.
“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.”
HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR
Worldwide smartphone sales suffered a hit during the second quarter of 2020, dropping by 20.4%. In total, 294.7 million units were sold during the three-month period compared to 370.3 million units in Q2 2019.
In a bid to further enhance rapid economic growth in Ogun State as well as ensure the wellbeing of its citizenry, the State Government has released the sum of Five Hundred Thousand Naira as subvention to Trade Associations and Artisan Groups.