Landmark Partnership Unlocks Access To Regulated Financial Assets For Africans In The DeFi Economy
— Xend Finance Partners With Risevest To Bridge TradFi (Traditional Finance) And DeFi (Decentralised Finance), Allowing Stablecoin Transactions In TradFi, And Access To RWA (Real-World Assets) In DeFi
DECEMBER 22, 2023, Enugu, Nigeria — Xend Finance, a portfolio company of Binance Labs and Google Launchpad, today announces a product integration and partnership with Risevest, a Nigeria-based fintech company that provides a platform for individuals to access global investment opportunities. This new integration will enable Xend Finance users to access various TradFi investment asset class products of Risevest within the Xend Finance platform using stablecoin cryptocurrencies and earn stable interest rates on such investments. The volatile nature of cryptocurrency means that interest rates from Xend Finance DeFI protocol fluctuates, this can be a great concern for some people as the interest rate depreciates during tough cryptocurrency market conditions, limiting investment options and risk management.
“Risevest is a household name in TradFi within Africa and Xend Finance is an established brand name in the DeFi space. So this partnership aligns perfectly to bridge the divide between TradFi and DeFi, creating more investment options for both of our user bases, reducing investment risk rise, and providing options to return on investment based on an individual’s risk appetite, said Ugochukwu Aronu, CEO of Xend Finance.”
Risevest has built a business relationship with Xend Finance for two years, counting over 600,000 users who have indirectly used Xend Finance’s XendBridge product to settle their on/off ramp transactions. XendBridge is a peer-to-peer system that allows businesses to securely transact between fiat and cryptocurrency. Along with being able to access USD and Euros on XendBridge, numerous crypto assets can be transacted, including BTC, ETH, BNB, MATIC, USDT, USDC, BUSD, and more. With this integration with Risevest, Xend Finance users can access Risevest Real Estate and Fixed Income asset investment classes which can earn them a constant 15% and 10% interest rate per annum respectively. And this can be done using stablecoins.
“Traditional finance (TradFi), like ours, has always faced challenges with onboarding users across different regions because of the regulatory and infrastructural resources needed to support the fiat currencies across the different countries in Africa. Our integration with Xend Finance makes it easier for anyone from anywhere around the globe to access our investments using stablecoins and earn steady returns, says Eke Urum, CEO of Risevest.”
Find out more about Xend Finance here: xend.finance. Find out more about Risevest here: risevest.com
About Risevest
Rise is a digital wealth management platform that helps Africans invest in dollar-denominated assets consisting of US real estate, global fixed income, and stocks. Founded in 2019, Rise has grown to be a top contender in the Nigerian fintech industry. It is headquartered in Lagos Nigeria, with a branch office in Columbia, South Carolina, United States.
Risevest is registered with the Securities and Exchange Commission of the United States (US SEC,) and its assets in Nigeria are held by 3rd party licensed custodians.
With over 600,000 users across Africa and growing. In September 2023, the company acquired Chaka, giving users an expanded offering of local and international stocks.
About Xend Finance
Xend Finance is a global crypto bank offering up to 15% interest, with an open Web3 infrastructure for developers. Members can earn multiple levels of interest on their savings by seamlessly exchanging their crypto or fiat currency forto stable cryptocurrencies and staking on the Xend Finance platform.
The international team is made up of professionals with backgrounds in mathematics, finance, cryptography, and blockchain development, working for KPMG, Chevron, Huobi, and Stanbic Bank. Xend Finance is backed by Binance, Google Launchpad, NGC Ventures, Hashkey, and AU21 Capital, amongst others, and is headquartered in Enugu, Nigeria.
