Xend Finance – Africa’s First DeFi Platform Takes Off In a first for the African continent, Xend Finance, a Nigeria-based decentralized finance (DeFi) platform, has launched their mainnet. The platform allows users to create cooperatives, as well as Esusu groups, a traditional method by which Africans rotate savings. Founded in 2019 by Aronu Ugochukwu and Abafor Chima, Xend Finance is a decentralized finance (DeFi) platform that provides tools and outlets for a DeFi credit union. According to reports, Xend Finance is backed by Binance, Google Launchpad, NGC Ventures, and others. The DeFi platform is focused on tackling the issue of currency devaluation while also utilizing DeFi to bridge the gap between decentralized blockchains and financial services. Addressing the launch of Africa’s first DeFi platform, Ugochukwu Aronu, CEO of Xend Finance, noted that the project came to live as a result of currency devaluation and will assist in reducing the impact of currency fluctuation, which is a common problem in many African countries and other developing countries worldwide. Ugochukwu Aronu noted that the platform, which utilizes the Binance Smart Chain (BSC) protocol, will help organizations and individuals channel their savings into stablecoins, eliminating the current regular money devaluation. “Through our platform and Binance Smart Chain, people can channel their savings into stable currencies, without worry that their money will devalue overnight, and earn higher interest rates through DeFi. We are very excited that blockchain will have a positive impact on the people of Africa,” he said. At the time of publication, XEND is trading at $1.70 with a 24-hour trading volume of $1,010,419. By comparison, Binance Coin’s (BNB) price had risen by 13.9% in the last 24 hours and was trading at $314.24. It had a market cap of $48,354,153,921 and a 24-hour trading volume of $5,396,995,293. Let's keep pumping the market guys Guys Stay Bullish, Stay Humble, Stay Put #xend #xendfinance #xendfinancecoin #defi #deficoin #deficoins https://www.instagram.com/p/CNEdVXJguH2/?igshid=evkgkptc8k9w
