Following the current devaluation of the Nigerian Naira, the need for organizations and individuals to have a reliable safety net is crucial. Credit unions and cooperatives, in particular, need a platform to save and earn interest in stable currencies. Xend Finance is an excellent choice.
Xend Finance is a top fintech organization that supports individuals, credit unions, and cooperatives to save money in stable currencies. This online platform focuses on using decentralized finance (DeFi) to alleviate the issue of currency devaluation.
Xend Finance empowers its users by providing greater control and accessibility over their finances, offering innovative applications that will meet their needs. This post will delve into Xend Finance, how it utilizes DeFi to facilitate secure cross-border transactions, and how to set up an account and deposit money.
When Was Xend Finance Launched?
In 2019, Xend Finance participated in the Google Launchpad Africa accelerator and the Binance Incubation Program, and it has since developed a platform that provides access to the global money market so that members can save and invest in stable currencies.
How Does It Work?
Are you curious about how Xend Finance works? It uses decentralized finance (DeFi) to combat currency devaluation and provides a secure savings platform for users to buy, sell, and deposit cryptocurrencies. Users can earn up to 15% return on their savings by storing them in their Xend Finance wallet.
Xend Finance is ideal for individual users, cooperatives, or credit unions who want to set financial targets and save towards achieving them. If you need help with keeping or need help reaching a financial goal, Xend Finance can assist you.
When you stake your money on DeFi Networks, the app helps to convert your savings to a stable currency and lend it to other companies, enabling users to earn interest. At the end of your investment duration, you will receive interest on your savings, and Xend Finance will add it to the amount you staked.
How To Create a Xend Finance Account
Now you understand how it works, ready to create an account?
To create your Xend Finance account, download the Xend Finance mobile app. If you’re an Android user, you can download the app from the Google Play Store, while iOS users can find it on the iOS App Store. Once downloaded, launch the app and sign in with an email to create your Xend Finance account.
- Click the “Register” button and verify your account with a link to your email. Upon clicking the link, you will be prompted to create a unique username and a solid password to start your savings and investment journey.
- To add your payment details, navigate to “Profile” on your Xend Finance dashboard and click the “Payment Details” button. Follow the steps provided to add your bank account information.
- To begin saving, your Xend Finance wallet has to be funded.
To deposit money into your Xend Finance account, follow these steps:
- Go to your dashboard and click on “Add Money.”
- Enter the amount of cryptocurrency you want to buy. Your device will show you the BUSD equivalent.
- Select your bank details and click on “Buy.”
You can also fund your Xend Finance account from a crypto address/wallet.
- To do this, copy the Wallet Address of your Xend Finance account and paste it into your third-party crypto wallet.
- Send the amount of cryptocurrency you want to deposit.
You can start saving once you have deposited money into your account. Xend Finance offers two ways to protect money
Flexible and Fixed Savings Plans: The Flexible Savings Plan allows you to save and withdraw your money whenever possible, even before maturity. This is similar to a traditional bank “savings account.” To set up a Flexible Savings Plan:
- Go to your dashboard and click on the “+” Circle Button.
- Click on “Create Flexible Savings Plan” and give your new savings plan a name.
- Set a duration for your FlexiSavings Plan and input the amount of cryptocurrency you want to save.
- Select a Wallet for the debit and click on “Continue.”
On the other hand, the Fixed Savings Plan allows you to save your money but will only let you withdraw it once the maturity period has been reached. This savings plan is helpful for emergencies, such as paying for your child’s university fees. It is similar to a Fixed Deposit Account at a traditional bank.
To set up a Fixed Savings Plan,
- go to your dashboard and press “New Savings Plan.”
- click “Fixed Savings” and input a name for your savings plan.
- Set a duration for your Fixed Savings Plan and input the cryptocurrency you want to save.
- Finally, select the Wallet for debit and click on “Continue.”
Why Do I Need Xend Finance?
The launch of Xend Finance aims to fill crucial gaps in the traditional financial sector. Several critical factors highlight the significance of this innovative app.
- Achieving Financial Inclusion: The unavailability of a conventional banking system because of limited accessibility, expensive fees, and complicated procedures. Xend Finance strives to address this issue by offering a decentralized platform enabling individuals with an internet connection to safely and affordably participate in global financial transactions.
- Currency Depreciation and Hyperinflation: The impact of inflation and unstable local currencies on personal finances can be catastrophic. Xend Finance offers a solution by empowering users to safeguard their savings using stablecoins tied to significant currencies such as the U.S. dollar. This stability shields users from the potential risks of currency devaluation and ensures a dependable store of value.
- Sending money through remittances can be costly: Sending and receiving money through traditional remittance systems can be expensive and slow. However, Xend Finance has found a solution by utilizing blockchain technology. This enables individuals to transfer money across borders quickly and at a much lower cost than conventional methods.
- High-Yield Savings: Xend Finance offers savings pools where users can deposit funds and earn interest. The platform’s intelligent contract architecture guarantees transparency and security, and decentralized governance empowers users to participate in decision-making.
- Currency Protection: If you live in an area with unstable economic conditions or hyperinflation, you can safeguard your wealth against currency depreciation by converting your funds into stablecoins. This is a handy feature for individuals looking to protect their finances.