Xend Finance

8 Feb 2023

What is Xend Finance

Users can seamlessly exchange their cryptocurrency or fiat currency for stablecoins and mortgage them on the DeFi lending platform (the process of locking crypto assets to earn income). Optimize and aggregate different DeFi lending agreements to provide multi-level benefits.

The purpose of Xend Finance is to protect personal savings and contribution value using fiat currency from the consequences of devaluation caused by economic instability.

If you want to categorize it, Xend Finance belongs to the income aggregator in DeFi applications. Typical DeFi income aggregation projects include YFI and so on.

Xend Finance investment institution

Xend Finance received US$1.5 million in strategic financing in November 2020. Investors include Binance Labs, Google Launchpad, AU21 Capital and TRG Capital

Xend Finance also raised additional financing, led by NGC Ventures and HashKey, blockchain investment institution N7 Labs participated in this round of financing, this round of financing brought the company's total financing to 2 million US dollars.

Xend Finance's investment institutions are some very well-known investment institutions in the industry, which shows that the project is still popular in the market.

The user group of Xend Finance

The target customers of Xend Finance are mainly non-crypto users, users with insufficient financial services, and users who need to protect their assets by necessary means in an unstable economy.

From the geographical distribution point of view, although the users of Xend Finance platform are mainly distributed in Africa, they are not limited to Africa. Xend Finance users are global.

There are still many people in the world who do not have bank cards and cannot enjoy bank deposits, loans and other related services. This part of users can participate in corresponding financial services through decentralized financial DeFi applications. With the in-depth development of DeFi, they must More users will be able to fairly enjoy relevant financial services through blockchain technology.

People in countries with high inflation rates can also avoid the dilution of their assets by inflation through related DeFi applications, such as Xend Finance.

Of course, as the Xend Finance project continues to develop, its use will become wider and wider, and some cryptocurrency holders will become its users.

With the continuous development of DeFi and other related technologies, users with insufficient financial services and users in economically unstable countries who need to protect their assets by necessary means can benefit from DeFi, and Xend Finance is the industry's forerunner.

The difference between platforms such as Xend Finance and Yearn Finance

Xend Finance’s goal is not to compete with existing DeFi aggregators (such as Yearn Finance), but to cooperate. Xend Finance integrates these DeFi applications and provides asset protection .

At present, Xend Finance's cooperation platforms mainly include Compound, Maker and Aave. These are classic DeFi applications. In the future, they will definitely cooperate with more excellent DeFi projects to provide users with more quality services.

The main operation process of Xend Finance

You can set your personal savings goal and save to it, or save through a credit union, automatically save it regularly, and remind you when you need to save it.

Users (supported by users in some African countries) can deposit their fiat currencies into the Xend Finance platform, and then the platform will be converted into stable currencies in encrypted currencies. Xend Finance will use these stable currencies to participate in DeFi financial management according to the needs of users. That is, the stable currency is mortgaged to the DeFi platform to bring corresponding benefits to users.

Xend Finance currently cooperates with platforms including: Compound, Aave, Maker, and will cooperate with more DeFi platforms in the future, such as other DeFi applications on the chain.

Xend Finance contract security

Xend Finance, as a DeFi aggregation revenue platform, stores and manages users’ assets. Therefore, its security comes first. If the security of users’ assets cannot be guaranteed, it is difficult to gain the trust of users. Xend Finance smart contract has been successfully reviewed by CERTIK, a professional security company, and the contract is also protected by a decentralized insurance project to protect user assets.

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