The first African DeFi protocol for credit unions and cooperatives, Xend Finance has just crossed 1 million dollars in total savings locked by users in Africa. The company made the announcement via a blog post about a day ago.
The Decentralized finance (DeFi) protocol was launched earlier this year in March and it allows users earn interest on locked savings as it focuses basically on the “unbanked and countries with constantly devaluing currency”.
The company has within a short period crossed $1 million dollars in locked savings in Africa and over $6 million dollars in savings on the platform according to the blog.
The Chief executive officer of Xend Finance, Ugochukwu Aronu noted in the release by the company that the milestone was an impressive one considering the average income of Africans. He also noted that the company will continue to offer better services;
“We are very proud that we have locked up over one million dollars-worth of savings in the African region, which is a significant sum considering the average monthly pay…We are dedicated to making it easier for underserved people to save in stable cryptocurrencies, with much higher interest than traditional banks can offer — which is a concept that is foreign to many in Africa.”
Xend Finance allows individuals, cooperatives among others to enjoy higher interests by converting their Fiat to stablecoins and earn higher interest than the traditional banking system. Over 5 million $Xend tokens have been staked on the DeFi protocol.
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