Google Launchpad & Binance-Backed Xend Finance To Enable Traditional Credit Unions And Investors Participation In Elrond DeFi & Staking Products, Using Insured Fiat Deposits
We’re excited to announce our collaboration with Xend Finance, the first cross-chain DeFi credit union which has secured funding and support from Binance and Google Launchpad. The startup is creating a bridge between traditional Credit Unions & Cooperatives and Decentralized Finance.
Our collaboration with the hybrid CeFi & DeFi startup will enable traditional investors to make insured cash deposits into Elrond’s PoS economy and DeFi products running on our blockchain. The deposits will be automatically converted into eGold and added to select products, yielding rewards in stable coins and $XEND tokens.
“When traditional investors will be able to easily deposit fiat directly into high yield DeFi products, with insurance, a massive adoption wave will begin. We’re excited to work with Xend towards that goal.” said Beniamin Mincu, Elrond CEO.
The startup will provide a familiar interface for traditional investors to participate in DeFi lending markets using fiat deposits that are insured, as well as an easy to integrate SDK for other traditional companies to join the DeFi revolution.
Xend Finance has received investment & backing from Binance and Google Launchpad to create the first bridge between traditional investors and DeFi that is focused on credit unions and cooperatives.
The Xend Finance platform allows members of financial organizations, regardless of geographic location, to have access to – and make investments in – stable currencies around the world. The company is based out of Nigeria and will add a focus on the African high-growth markets to its global approach.
“The unique smart contract features, including 30% royalties, and the strong store of value properties of the eGold currency will make Elrond products very attractive for our intended user base. Better yet, the Elrond devkit makes it easy for us to build using regular non-blockchain resources, thus increasing implementation speed without driving our costs through the roof” said Aronu Ugochukwu, Xend Finance CEO.
The integration with Xend Finance is very important because it will allow cash from the $1.4 trillion markets represented by Credit Unions and Cooperatives to flow into the Elrond PoS economy and DeFi products running on our mainnet.
For the Xend Finance user, the integration will enable yields up to 30% a year which will give the users much more value for the fiat currencies they will invest/save on the platform as well as protect these users from fiat currency devaluations caused by unstable economies.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Xend Finance
Xend Finance is a cross-chain DeFi credit union that bridges traditional finance and DeFi by converting fiat deposits into crypto and harvesting yield on DeFi platforms. With backing from Google Launchpad and Binance, Xend Finance will enable investors in high-growth African markets and worldwide to participate in the DeFi revolution.