In a first for the African continent, Xend Finance, a Nigeria-based decentralized finance (DeFi) platform, has launched their mainnet. The platform allows users to create cooperatives, as well as Esusu groups, a traditional method by which Africans rotate savings.
Founded in 2019 by Aronu Ugochukwu and Abafor Chima, Xend Finance is a decentralized finance (DeFi) platform that provides tools and outlets for a DeFi credit union.
According to reports, Xend Finance is backed by Binance, Google Launchpad, NGC Ventures, and others. The DeFi platform is focused on tackling the issue of currency devaluation while also utilizing DeFi to bridge the gap between decentralized blockchains and financial services.
We are live https://t.co/Mzo0wYmH5r
— Ugochukwu Aronu (@AronuUgochukwu) March 22, 2021
Addressing the launch of Africa’s first DeFi platform, Ugochukwu Aronu, CEO of Xend Finance, noted that the project came to live as a result of currency devaluation and will assist in reducing the impact of currency fluctuation, which is a common problem in many African countries and other developing countries worldwide.
Ugochukwu Aronu noted that the platform, which utilizes the Binance Smart Chain (BSC) protocol, will help organizations and individuals channel their savings into stablecoins, eliminating the current regular money devaluation.
“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,” he said.
Africa to Play a Significant Role in the Future of DeFi
Expressing his delight with the mainnet launch of Xend Finance, Changpeng Zhao, founder and CEO of Binance, noted that the DeFi platform would be instrumental in the growth of DeFi and blockchain in Africa.
He further stated, “Africa is one of the most important continents, representing the future and emergence of DeFi and blockchain capabilities.” He added that Xend Finance will bring stable currency and DeFi investment opportunities to the second most populated continent in the world.
Similarly, via its official Twitter account, the decentralized finance platform expressed appreciation to Binance and its CEO for assistance rendered. “Thank you and we hope to make the whole Binance family – as well as Africa – proud of what we can achieve in furthering #blockchain and #DeFi adoption in Africa and beyond,” it said.
— Xend Finance (@xendfinance) March 23, 2021
Xend Finance Token ($XEND)
In addition to the mainnet launch on March 22, Xend Finance also announced the launching of the $XEND token via a Token Generation Event (TGE) on Balancer. The DeFi firm further noted that the token distribution of $XEND was designed to reward early supporters as well as ensure a healthy outlook for a long time to come.
Xend Finance is delighted to announce its public sale on @BalancerLabs
Start Date: 22nd March at 3 PM UTC
End Date: 24th March at 3 PM UTC
We are excited to reach this stage on our roadmap through the help of our community, investors, and team. https://t.co/mirAHpPX4X
— Xend Finance (@xendfinance) March 11, 2021
At the time of publication, XEND is trading at $1.70 with a 24-hour trading volume of $1,010,419. By comparison, Binance Coin’s (BNB) price had risen by 13.9% in the last 24 hours and was trading at $314.24. It had a market cap of $48,354,153,921 and a 24-hour trading volume of $5,396,995,293.
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