Xend Finance has developed XendBridge to offer everyone access to international money market, so users may save and invest in safe currencies
Users of the Xend Finance platform can also establish their own credit unions and cooperatives, doing away with the need for conventional middlemen, and earn up to 15% annual percentage yield on their deposits.
After receiving US$1.5 million in funding from backers like Binance Labs, Google Developers Launchpad, and AU21 Capital, the startup launched its platform publicly in late 2020. In February 2021, it raised an additional US$2 million in a follow-up round.
Also read, Xend Finance launches Xend Launchpad for Blockchain Projects
Since then, it has surpassed the 100,000 user milestones, and the introduction of XendBridge and SwitchWallet has expanded the range of goods it offers startups and established companies looking for storage and payment options for cryptocurrencies.
A peer-to-peer system called XendBridge enables companies to safely conduct transactions between fiat cash and cryptocurrencies.
On XendBridge, a variety of crypto assets, including BTC, BNB, ETH, MATIC, USDC, USDT, BUSD, and more, can be exchanged in addition to USD and EUR.
SwitchWallet, on the other hand, levies no fees, a first for any wallet services provided in Africa. Any existing web application may quickly be integrated with XendBridge and SwitchWallet to access the Web3 business solutions.
The Central Bank’s prohibitions on cryptocurrencies made it extremely difficult for blockchain firms who wished to support fiat in Africa in the past, according to Ugochukwu Aronu, CEO of Xend Finance.
He stated that they have developed a solution that makes it simple for any startup to send money from the United States or Europe as well as to on- and off-ramp five important local currencies, including the naira, the dollar, the euro, the ghanaian cedi, and the kenyan shilling.
Regarding SwitchWallet, companies have previously used foreign wallet providers that need challenging KYBs and stringent rules.
The first free wallet infrastructure for entrepreneurs is now available, and it is designed to scale across Africa and adhere to worldwide KYB standards.
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