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Billed as the first global blockchain bank out of Africa, Xend Finance has just clocked 100 000 users on its savings platform while further opening it to local currencies in Ghanaian Cedis and Kenyan Shillings.
Backed by Binance and Google Launchpad, Xend Finance users will now be able to seamlessly convert their cryptocurrency back to Cedis or Shillings. This is beyond the current Nigerian Naira offering.
Xend Finance launched in March 2021 and began onboarding users with the release of their free mobile app on Android and Apple devices in December that year.
“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,” said Ugochukwu Aronu, chief executive of Xend Finance.
“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.”
Xend Mobile App
The savings and swapping options of Ghanaian Cedis and Kenyan Shilling 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 United States 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-ramp and off-ramp.
“Congratulations to Xend Finance on passing 100-thousand users on their platform,” said Sandeep Nailwal, co-Founder of Polygon. “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.”