Xend Finance tweeted on July 28 the launch of two pioneer products: XendBridge and SwitchWallet. XendBridge is a crypto payment application programmable interface (API) that processes crypto-fiat transactions while SwitchWallet is a free crypto storage service which is especially designed for African businesses.
During an interview with BSC News, Xend CEO Ugochukwu Aronu said, “On a macro scale, providing these infrastructures such as SwitchWallet allows funds to be domiciled in Africa. These funds can be applied to great use to develop the African ecosystem. For example, the float can be used to give out loans, and earn interest, and these will improve the overall economy of Africa as opposed to having the funds domiciled in other countries.”
He added, “The Liquidity Providers that process peer-to-peer transactions of XendBridge are mostly based in Africa. They handle exchanges between fiat and crypto giving them a large revenue base. This automatically improves our economy as we create extra revenue sources for Africans.”
Further, according to Aronu, Xend Finance has heavily invested in security measures to safeguard against security breaches.
“Xend Finance has invested over $500,000 on security audits on all our infrastructure,” he said. “We have also developed a cold wallet based key system that signs all transactions offline protecting user funds from hackers.”
The new products: XendBridge and SwitchWallet are a welcome innovation for African startups who struggle to get funding and revenues at their initial stages by cutting down on costs and development time.
About Xend Finance
Backed by Binance, Google Launchpad, NGC Ventures, Hashkey and AU21 Capital, Xend Finance is the first African startup to build on the BNB Chain. They are headquartered in Enugu, Nigeria. The startup provides a DeFi alternative for people in unstable economies to earn on their savings while protecting their assets. This is done by allowing users to save in stable currencies and earn high interests of up to 15% per year. It is considered to be a secure savings platform that makes saving profitable and rewarding.
Xend Finance launched a crypto bank app in December 2021 that saves in dollar based stablecoins. So far, the app has garnered more than 100,000 sign-ups rendering it a success.