Xend Finance, an Africa-founded global crypto bank, announced the launch of payment API XendBridge and SwitchWallet, a free public wallet infrastructure. Backed by Binance and Google Launchpad, Xend Finance recently passed 100 000 savers on its crypto banking app.
The launch of XendBridge and SwitchWallet add to Xend Finance’s suite of products available to start-ups and businesses to access cryptocurrency payment and storage solutions. XendBridge is the first crypto payment API in Africa that offers United States Dollar (USD) and Euro on-and-off-ramp, while SwitchWallet offers the first free wallet infrastructure for African start-ups.
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“Previously, blockchain start-ups that wanted to support fiat in Africa found it very difficult because of the Central Bank restrictions on crypto,” said Ugochukwu Aronu, chief executive of Xend Finance.
“We have created a solution that allows any start-up to easily do remittances from the U.S. or Europe as well as on-ramp and off-ramp five major local currencies, including Naira, USD, Euro, Ghanaian Cedis and Kenyan Shillings. As for SwitchWallet, start-ups before have been using foreign wallet services that require difficult KYBs and harsh regulations. Now, start-ups have their first free wallet infrastructure and one that is built to scale in Africa and meet international KYB standards.”
XendBridge is a peer-to-peer system that allows businesses to securely transact between fiat and cryptocurrency. Along with being able to access USD and Euros on XendBridge, numerous crypto assets can be transacted, including BTC, ETH, BNB, MATIC, USDT, USDC, BUSD, and more.
SwitchWallet charges no fees, which is a first for any wallet services being offered in Africa. Both XendBridge and SwitchWallet can easily be plugged into any existing web application to access the Web3 business solutions. Xend Finance has a consumer angle, as well as multiple blockchain solutions for businesses.
The company’s global crypto bank has onboarded more than 100 000 savers since launching their mobile app in December 2021.
“Operating as a lean start-up, the solutions offered with XendBridge and SwitchWallet allows Lazerpay to save time and major development costs,” said Njoku Emmanuel, CEO of Lazerpay. “We can easily integrate their API and infrastructure and focus on scaling our payment platform for businesses around the world.”
Xend Finance is backed by Binance, Google Launchpad, NGC Ventures, Hashkey, and AU21 Capital, amongst others, and is headquartered in Enugu, Nigeria.