Nigerian bank Xend Finance, a global crypto bank, has announced the launch of XendBridge, a crypto payment API, and SwitchWallet, a free public wallet infrastructure.
XendFinancewho took part in the 2019 Google Launchpad Africa Accelerator and the Binance Incubation Programhas developed a platform that gives everyone access to the global money market so members can save and invest in stable currencies.
The Xend Finance platform also allows users to create their own credit unions and cooperatives, eliminating traditional middlemen, while earning up to 15% annual percentage return on their savings.
The startup launched its platform publicly at the end of 2020 after raise $1.5 million in funding from investors such as Binance Labs, Google Developers Launchpad and AU21 Capital, a around, it reached 2 million US dollars in February 2021.
Since then he has passed the 100,000 user markwhile the launches of XendBridge and SwitchWallet add to its suite of products available for startups and enterprises to access cryptocurrency payment and storage solutions.
XendBridge is a peer-to-peer system that allows businesses to make secure transactions between fiat and cryptocurrency. In addition to being able to access USD and Euros on XendBridge, many crypto assets can be traded, including BTC, ETH, BNB, MATIC, USDT, USDC, BUSD, and more.
Change wallet, meanwhile, does not charge any fees, which is a first for any wallet service offered in Africa. XendBridge and SwitchWallet can easily be connected to any existing web application to access Web3 business solutions.
“Previously, blockchain startups that wanted to support fiat in Africa found it very difficult due to Central Bank restrictions on crypto,” said Ugochukwu Aronu, CEO of Xend Finance.
“We have created a solution that makes it easy for any startup to send money from the US or Europe, as well as five major local currencies including Naira, USD, Euro, Cedis Ghanaian and the Kenyan shilling. As for SwitchWallet, startups previously used foreign wallet services that require tough KYBs and strict regulations. Now startups have their first free wallet infrastructure and infrastructure designed to scale in Africa and meet international KYB standards.