Xend Finance, a leading Decentralized Finance (DeFi) platform in Africa, has announced it has crossed 100, 000 users on its savings platform. At the same time, it has announced the opening of the platform to savings in local currencies in:
- Ghanaian Cedis (GES)
- Kenyan Shillings (KES)
Users will also be able to seamlessly convert their cryptocurrency back to Cedis or Shillings. Xend Finance launched in March 2021 and began onboarding users with the release of its free mobile app on Android and Apple devices in December 2021.
Speaking about this milestone, Ugochukwu Aronu, CEO, Xend Finance, said:
“We spent our first year pushing code and ensuring our platform is secure through numerous audits, while developing a product that always gives our users the best interest rates across multiple chains.
Now that we have turned our attention to onboarding users, we have seen a tremendous response from first-time crypto purchasers and savers. Our growth is in response to market conditions where their native currency is constantly devalued and suffering from inflation.”
– CEO, Xend Finance
The savings and swapping options of Cedis and Shillings will also coincide with a new billboard campaign and university roadshows across both countries. The campaigns are an extension of ongoing campaigns in Nigeria where Xend Finance has over 50 billboards.
Through the Xend Mobile App, members can convert their local fiat currency to stablecoins and U.S. Dollars to access the highest APYs across Binance Smart Chain (BSC) and Polygon by staking, or locking up their cryptocurrency for a period of time.
The Xend Mobile App also serves as a DeFi wallet while also allowing for peer-to-peer fiat-to-crypto on and off-ramp.
Recognizing the Xend Finance milestone, Sandeep Nailwal, CEO / Co-Founder, Polygon, said:
“Congratulations to Xend Finance on passing 100-thousand users on their platform. They have shown a clear-cut need for services targeting underserved regions. As an early investor, I am proud of the work they are doing in Africa and beyond. Polygon is here to support their efforts in underserved regions around the world.”
– CEO / Co-Founder, Polygon
About Xend Finance
Xend Finance is a global crypto bank offering up to 15% interest, with an open Web3 infrastructure for developers. Members can earn multiple levels of interest on their savings by seamlessly exchanging their crypto or fiat currency to stable cryptocurrencies and staking on the Xend Finance platform.
The company’s Cross-Chain High Yield Aggregator is the first product in the industry that automatically scans and ensures the highest yields across multiple chains.
The international team is made up of professionals with backgrounds in mathematics, finance, cryptography, and blockchain development, working for KPMG, Chevron, Huobi, and Stanbic Bank. Xend Finance is backed by Binance, Google Launchpad, NGC Ventures, Hashkey, and AU21 Capital, amongst others, and is headquartered in Enugu, Nigeria.