Xend Finance Launches Crypto Banking App to Tackle Devaluation, Inflation
By Adedapo Adesanya
Committed to solving currency devaluation and inflation, Xend Finance, a fast-growing startup that uses decentralized finance (DeFi), has launched the first global cryptocurrency banking app out of Africa.
The blockchain-based application allows users to save in stable currencies in order to hedge against inflation and devaluation.
The launch of the Xend Finance app officially shows how blockchain technology can be applied in the changing banking environment with continuous migration from traditional banking to digital banking.
According to the company, it is bringing a whole new terrain with crypto banking.
“The absolutely interesting part about this is that it solves a real and experienced problem for the people.
“Looking at the economic climate of Nigeria, we have experienced a massive rise in inflation. This means that the value of the Naira has reduced drastically in this free-fall economy that we have been plunged into.
“Given this reality, the Xend Finance app could not have come at a better time,” the startup noted.
What does the Xend Finance Crypto Banking App do?
Simply put, the Xend Finance app helps users save in dollars and earn up to 15 per cent annual compounding interest.
With this crypto banking app, users can convert their local currency (Naira) to dollars (BUSD) and save.
The app provides two savings plans – Fixed and Flexible Savings.
With the fixed savings plan, users can lock their savings for a period of time and earn up to 15 per cent compounding interest on their savings. During the duration of the fixed savings, users cannot withdraw from this plan until the maturity date. Fixed savings users also earn additional XEND tokens, which is crypto coin traded on major crypto exchanges.
On the flexible savings plan, users can save on this plan and earn daily interests. The flexible savings plan allows users to be able to withdraw at any time. These withdrawals do not affect the interest earned on the savings plan.
Xend Finance works by signing up, funding the wallet and commencing saving immediately.
Xend Finance also gives a $2 referral bonus when new users sign up using your referral code/link. The person that is referred is also not left out, as they get $1 to start your saving experience.
To get started, simply go to your Apple App Store or Google PlayStore to download the app.
Click here to download on iOS – https://apps.apple.com/us/app/xend-finance/id1587050825
Click here to download on Andriod – https://play.google.com/store/apps/details?id=com.xendmobile