Xend Finance will bring higher yields to Nigerian savers revolutionizing traditional savings system.
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Binance Lab backed Nigerian startup Xend, has developed Xend Finance built on Binance Smart Chain to offer decentralized finance (DeFi) based Credit Union, with the intent of giving a platform capable of yielding higher savings to Nigerians.
Aronu Ugochukwu, Xend founder and CEO stated the flaws of a local or traditional credit union thereby showing the necessity of this new developed package at this time.
In his words; “Traditional credit unions have a number of limiting drawbacks, including only 1% annual percentage yield returns and geographical limitations. A major problem faced by these credit unions or cooperatives is a constant devaluation of the currency, because most of the time, our economy is unstable”.
However, they have come up with an ideal solution to tackle these problems through Xend Finance, a DeFi based service built on blockchain backed by Binance Labs, Google Launchpad, AU21 Capital, TRG Capital, Matic co-founder Sandeep Nailwal and others.
Read Also: How Crypto Savings Account Interest Beats the New CBN Policy on Bank Savings Account Interest.
The Xend platform works exclusively by aiming for financial inclusion in the developing world, converting deposits into crypto and harvesting yields on the DeFi platforms (Binance Smart Chain).
This poses a dare opportunity of allowing users through this platform to create their own credit unions and cooperatives.
In addition, helping savers stake their local currency and earn multiplied interest in a stable currency, thus making provision for a higher and better saving yield.
Xend is a traditional fintech company and parent company of Xend Finance that has already built a network of 55,000 users
and has already received $1,000 from a local cooperative to help specifically five of its members.
Built on the Binance Smart Chain, Xend Finance has slated its public launch and disclosed a strategic funding round of $1.5 million.
Crypto savings is no doubt far better than the traditional ways of savings from the banks. With the launch of Xend Finance, crypto savings will see a new light in Africa.