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Burgeoning crypto start-up, Xend finance launch in Ghana, Kenya

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TL;DR Breakdown

 

Global crypto bank specialized in serving underserved regions, Xend Finance has announced its launch in Kenya and Ghana. The launch means that locals in the two African countries can now save crypto in their local currencies, Ghanaian Cedis and Kenyan Shillings.

Users will also be able to seamlessly convert their cryptocurrency back to Cedis or Shillings.

The crypto star-up also announced the passing of 100 thousand users on their savings platform after it launched in March 2021 and began onboarding users with the release of its free mobile app on Android and Apple devices in December 2021.

Xend Finance journey to over 100 thousand users

According to Ugochukwu Aronu, CEO of Xend Finance the firm spent its first year pushing code and ensuring the platform was secure enough through numerous audits. “We spent our first year pushing code and ensuring our platform is secure through numerous audits, while developing a product that always gives our users the best interest rates across multiple chains.”

“Now that we have turned our attention to onboarding users, we have seen a tremendous response from first-time crypto purchasers and savers. Our growth is in response to market conditions where their native currency is constantly devalued and suffering from inflation.”

Penetrating deeper into grassroots in Africa

Xend Finance savings and swapping options of Ghanaian Cedis and Kenyan Shilling also coincided with a new billboard campaign and university roadshows across both countries. In a press release, the firm said the campaign is an extension of ongoing campaigns in Nigeria, where the firm has over 50 billboards.

Through the Xend Mobile App, members can convert their local fiat currency to stablecoins and U.S. Dollars to access the highest APYs across Binance Smart Chain (BSC) and Polygon by staking, or locking up their cryptocurrency for a period of time. The Xend Mobile App also serves as a DeFi wallet, while also allowing for peer-to-peer fiat-to-crypto on-ramp and off-ramp.

 

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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