Xend.africa

Xend.africa, operating as Xend Finance, is a Nigerian-based decentralized finance (DeFi) company founded in 2019 by Aronu Ugochukwu and Abafor Chima. The platform was developed in response to the challenges of currency devaluation, aiming to provide financial stability for individuals and organizations in developing countries. Backed by prominent investors like Binance and Google Launchpad, Xend Finance has evolved from a DeFi project for credit unions into a global crypto banking platform.

The company's core mission is to bridge traditional and decentralized financial systems, addressing issues like currency fluctuation and limited access to financial services. Founder and CEO Aronu Ugochukwu, an electronic engineering graduate from the University of Nigeria, Nsukka, was inspired to create solutions that combat inflation after experiencing the devaluation of the Nigerian Naira. His journey includes founding an ICT consulting firm, co-founding an e-commerce platform that accepted Bitcoin, and developing other blockchain-based ventures before establishing Xend Finance.

Xend Finance's business model revolves around enabling users to convert their local fiat currency into stablecoins (such as BUSD, USDT, and USDC) and earn high annual percentage yields (APYs) of up to 15% through staking and savings. The platform aggregates various DeFi lending protocols to optimize returns for its users. Revenue is generated through small fees charged to credit unions for creation and for each completed savings cycle. Initially targeting crypto and non-crypto savvy users in developing nations, the company has expanded its reach to Ghana and Kenya, surpassing 200,000 users.

The platform offers a suite of products and services designed for both individuals and businesses. The Xend Finance mobile app allows users to save, send, and receive digital currency, even offline. A key feature is its cross-chain high-yield aggregator, which automatically finds the best returns across different blockchains. For developers, Xend Finance provides an SDK and services like SwitchWallet for creating and managing user wallets. The platform has also ventured into real-world asset (RWA) tokenization, allowing fractional ownership of assets like real estate and stocks, and recently enabled investments in the Nigerian money market using the cNGN stablecoin. Furthermore, the Xend Launchpad was created to support promising blockchain projects in Africa by connecting them with investors.

Keywords: Decentralized Finance, DeFi, blockchain, credit unions, stablecoins, crypto banking, high-yield savings, currency devaluation, inflation hedge, real-world asset tokenization, RWA, financial inclusion, African fintech, crypto savings, Aronu Ugochukwu, Binance Smart Chain, cross-chain aggregator, mobile payments, crypto launchpad, Nigerian money market, cNGN, peer-to-peer lending, asset-based collateral, fractional ownership