XEND FINANCE LAUNCHES FIRST-EVER DeFi PLATFORM FOR CREDIT UNIONS WHILE ANNOUNCING STRATEGIC $1.5 MILLION FUNDING ROUND
It’s an honor and pleasure to be able to formally announce the launch of Xend Finance, the first DeFi (Decentralized Finance) platform for credit unions and cooperatives. For the past few months we’ve been assembling a group of strategic investors – while building out our product in stealth mode (you can read our tech overview here) – that can support and accelerate our mission of providing access to the global money market to all, regardless of geographic location.
We’re also very excited to be one of the first companies to build on Binance Smart Chain (BSC) and the first company out of Africa. Binance also happens to be one of our investors! We realize the tremendous opportunity of DeFi in countries all over the world, including Africa, that will protect people’s savings and offer them interest rates that they otherwise would not have access to.
For our public launch announcement, we decided to grant an exclusive to Coindesk, as they have been our favorite news source – and the top news site – for developing blockchain and crypto news. You can read their article here.
You can read our press release below for more details:
XEND FINANCE LAUNCHES FIRST-EVER DeFi PLATFORM FOR CREDIT UNIONS WHILE ANNOUNCING STRATEGIC $1.5 MILLION FUNDING ROUND
The Company Is Backed By A Group of Investors Including Binance Labs And Google Developers Launchpad And Will Be One Of The First Companies To Build On Binance Smart Chain
NOVEMBER 2, 2020, Enugu, Nigeria — Xend Finance, the first decentralized finance (DeFi) platform for credit unions and cooperatives, today announced their 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 Xend Finance platform also allows users to create their own credit unions and cooperatives, eliminating traditional middle men, 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 a decentralized governance on the Xend Finance platform, while also incentivizing members even more on their savings. Xend Finance will be one of the first companies to build on 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.”
Find out more about Xend Finance here: Xend.Finance. Join the company Telegram here: t.me/XendFinance.
About Xend Finance
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and home country currency. The Xend Finance platform is the first decentralized finance (DeFi) credit union built on the Binance Smart Chain. The team is made up of experienced professionals with backgrounds in mathematics, finance, cryptography, and blockchain development, working for some of Africa’s largest employers, including KPMG, Chevron, and Stanbic Bank. Xend Finance is headquartered in Enugu, Nigeria.
While we still have much to do, we are excited to begin growing our community, who will be instrumental in helping us spread the word about Xend Finance’s possibilities in emerging and developed markets. Please follow us on Telegram and Twitter for up-to-date information on new product launches and developments.
We would also like to take the time to thank many of our early supporters, including Google Developers Launchpad, for believing in us when all we had was just an idea. Another early supporter was Longhash Ventures, an accelerator we participated in that helped us in our growth path. Here is a quote Longhash wanted to give us to help with our public announcement.
“Xend Finance is an ambitious progression from the impressive suite of services already offered to SMEs such as payments, inventory management, and business intelligence,” said Shi Khai Wei, Chief Operating Officer at LongHash Ventures. “As a leading blockchain accelerator, we are always excited to support teams who work towards solving real pain points and building a more inclusive financial system. As blockchain spurs financial inclusion around the world, Xend Finance is beyond doubt part of the vanguard to wrought change.”
Thank you, Shi Khai! We appreciate the support. I wish we could include everyone in this post, but we’ve got a lot of work to do. Stay tuned the coming weeks for more introduction into what we’re doing, why we’re doing it, why we’re building on Binance Smart Chain, intros to the team, and more. Thank you for joining us in this groundbreaking journey!
Sincerely,
Aronu Ugochukwu
Co-Founder and CEO of Xend Finance
