The Company Is the First From Africa To Build On Binance Smart Chain And Announced A Raise Of $1.5 Million From Binance Labs, Google Developers Launchpad, And Others
DECEMBER 15, 2020, Enugu, Nigeria — Xend Finance, the first decentralized finance (DeFi) platform for credit unions and cooperatives, today announced their first testnet on Binance Smart Chain. The incentivized testnet will be the public’s first opportunity to earn the future $XEND token to be distributed with the company’s mainnet launch. The testnet will also give the general public an opportunity to interact and transact with Binance Smart Chain while testing Xend Finance features. Xend Finance gives everyone access to the global money market so members can save and invest in stable currencies.
“After our launch last month, we’ve had an overwhelming response to our upcoming product and to what this means for credit unions and cooperatives in developing countries around the world,” said Aronu Ugochukwu, CEO of Xend Finance. “We decided to incentivize our testnet to gain maximum international traction to test our protocol bandwidth, while also giving the community a feel for how seamless and scalable Binance Smart Chain transactions will be.”
The public will be able to earn 200,000 $XEND for participating. Winners will be chosen weekly and overall for completing a set of tasks. The Xend Finance platform eliminates traditional finance middle men, while earning up to 15% annual percentage yield on member’s savings. Members can earn multiple levels of interests on their savings (in stable currency and $XEND) by seamlessly swapping their crypto or fiat currency to stable cryptocurrencies and staking – the process of locking up your crypto asset to earn yields – on Lending platforms so members can earn compound interest on their money. Xend Finance is the first African company to build on Binance Smart Chain.
“The Xend Finance team have been great ambassadors of leveraging DeFi and the benefits of Binance Smart Chain in Africa and beyond,” said CZ, CEO of Binance. “We’ve been very impressed with their community growth after just one month of launch and look forward to welcoming their active user base to our growing ecosystem.”
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.