However, Xend Finance has launched a blockchains based application that let users save in stable currencies aiming to address currency devaluation and inflation. This solution is first of its kind in Nigeria and Africa at large.
The launch of this service, not only solve currencies devaluation but also open up the ability for credit unions to access DeFi for their members using decentralized stablecoins such as BUSD and DAI. Not only that, Xend Finance is also using this opportunity to change how they operate.
Additionally, Xend Finance has brings us into a new terrain with crypto banking by using a blockchains system to gradually continue migration from traditional banking to more stable digital banking.
Nowadays, as we all know that currency devaluation is common among African countries especially Nigeria and other well developed countries worldwide. However, this has become a huge problem for organization like credit unions to Hegde their collective funds against their local currency's devaluation.
However, Xend Finance has brought up its Mainnet to bring solutions to all these problems. The company launched DeFi, a decentralized finance [decentralized stablecoins] supported by Binance Lap, Google Launchpad, AU21 Capital, TRG Capital, Matic Co Founder Sandeep Nailwal and Others.
Features of Xend Finance App
In a simple expression, Xend Finance helps users save money in dollars and earn up to 15 percent annual compound interest. Users can also convert their local currency [for instance, Naira] to dollars (BUSD) on the app.
However, the app offers two savings plan - Fixed Savings and Flexible Savings.
1. Fixed Savings
This type of plan enables users to their savings for a certain time and earn up to 15 percent compounding interest on their savings. During the fixed period of savings, users will not be allowed to withdraw their money until the fixed date. Also users can earn Xend Finance token - a crypto coin traded on on major cryptos exchanges.
2. Flexible Savings
This plan is the opposite of the fixed Savings plan. Users save and earn daily interest. Plus users can also withdraw their money at anytime, which will not affect the interest earns on savings plan.
How Xend Finance Works
Xend Finance is bridging this gap using blockchains technology. The platform allows users to create their own created unions and have over 1,000 member who don't stay in the same geographical area.
Aside that, the company employ smart contract to lock each member's contribution and allow flexible payout when a payment cycle is expire, which use to reduce default payment rate.
However, the Xend Finance Account are classified into three main part - the personal account, Esusu and Cooperative savings account.
Additionally, Xend Finance aims to introduce $xend tokens alongside with Mainnet launched, through a Token Generation Event (TGE) on Balancer. The company implies that the token will reward users based in the their performance using the platform.
Xend Finance, the Fintech company has already received x$1,000 from local Cooperative to assist onboard five of its members, including a group of Doctors at UNTH - University of Nigeria Teaching Hospital. Moreso, Xend has built a network of 55,000 users in more than 75 countries worldwide.