Blockchain

Xend Finance in One Year: The Story of the First Global Blockchain Bank Outside of Africa

Xend Finance in one year: The story of the first global blockchain bank out of Africa

Revolutionary technology as the launch of the industry first high-efficiency aggregatoroffering the best interest rates by scanning multiple blockchains, and the Xend Finance Hackathonwith keynote speeches and panels from Mike Novogratz, Binance, Huobi, Coindesk and Cointelegraph, are just some of the achievements Xend Finance can boast of in just one year after its launch. mainnet launch.

Xend Finance burst into the industry as the first DeFi platform for credit unions, cooperatives, and individuals, but has now evolved into much more than a global blockchain bank for everyone. Backed by Binance and Google Launchpad, this company bridges the gap between financial services and decentralized blockchains.

It tackles the problem of currency devaluation and inflation on a daily basis by allowing users to seamlessly convert their fiat currency into stablecoins and earn unbeatable interest when they save.

A month before its mainnet launch in February 2021, Xend Finance secured investments led by NGC Ventures, Hashkey, and Tech Fusion that brought the total investment in the $2 million business. Also in February, via DAO Maker, the Xend Finance Share Holding (SHO) offering generated over $144 million. These were assets staked by over 3,200 eligible users with 14,452 tickets issued.

Along with its mainnet launch, Xend Finance introduced the $XEND token via a Token Generation Event (TGE) on Balancer. The $XEND token rewards users for performing trades under the Xend Finance protocol.

In September, the company launched the Xend Finance DeFi Hackathon, the largest Blockchain Hackathon ever held in Africa. This was created as part of Xend Finance’s efforts to improve Africa’s access to blockchain technologies. The developers relied on Xend Finance’s Layer-2 DeFi protocol and were rewarded with over $1 million in prizes.

Picking the hackathon winners was the responsibility of a panel of star judges from Binance Smart Chain, Polygon, Google, Coindesk, and Huobi. The Hackathon ended in December when Lazeray Finance and FarmGrid came out on top.

Fast forward to December, when Xend Finance made a major breakthrough. They created the first high efficiency cross-chain aggregator on Binance Smart Chain and Polygon. It was the perfect solution to the bottleneck of monitoring returns and transferring cryptocurrency across multiple blockchains in an effort to find the highest return. It was definitely a breath of fresh air for yield producers, investors and savers everywhere. They can now find all the information they need in one place: the Xend Finance Dashboard.

XendFinance mobile app also came into the picture in December 2021. It allowed an even more transparent way to convert devalued and unstable currencies into US dollars. This, coupled with the ease of access via mobile phone, quickly made it one of the top rated apps in store in both categories. Apple Store and the google play shop. By the end of January, with the help of the Xend Finance app, the company reached 10,000 users and by the end of February, it had surpassed 20,000 users.

December was also marked by the launch of the only African decentralized launchpad. This was created to help African companies that normally struggle to access resources for their projects and attract the attention of investors.

TheLaunchpad provides visibility to African ecosystem projects and connects them with power brokers around the world. Also, it gives everyone easy access to the best projects that are usually only available to the best companies, just by staking and holding $XEND tokens.

In an effort to empower young adults at the start of their careers, Xend Finance has launched a university outreach program in Nigeria. The roadshow started in February 2022 with the University of Nigeria, Enugu campus. They onboarded and engaged new users, signing up over 1,000 users who were excited to find a lasting solution to inflation, currency devaluation, and the Nigerian Naira’s savings woes. Their next stop was the University of Lagos and they also onboarded over 1,000 users there.

Did I mention the prices? Imagine starting the year off with an award at the 2021 TechPoint Awards. Xend Finance took home the award for “Most Outstanding Alternative Use of Blockchain.” According to technical point, this award was created to celebrate startups that create blockchain solutions outside of cryptocurrency. Ugochukwu Aronu, CEO of Xend Finance and the brilliant mind behind Xend Finance accepted the award.

To be honest, Xend Finance has achieved a lot of things that we cannot cover in this article, Major milestones obtained during their short period of existence. For example, there is the rapidly growing community of over 100,000 people on many of our social media platforms.

But one thing is certain: they are on the fast track to providing blockchain solutions to everyday financial problems. And they’re just getting started. Have a look on their plans for 2022nothing short of breathtaking.

If there’s one company to watch for 2022, it’s Xend Finance.