Q&A session with Ugochukwu Aronu
We were delighted to have our CEO, Ugochukwu Aronu, sit down with us for a short Q&A session. Xend Finance is the first DeFi platform from Africa, allowing Credit Unions and cooperatives anywhere in the world to channel capital into savings and earn higher interest via stable currencies.
The topics covered during the session mostly centered on Binance Smart Chain (BSC) and Google Launchpad Accelerator. Ugochukwu spoke at length on the two topics and why both BSC and Google Launchpad will be instrumental in the success of the Xend Finance platform.
1. Why is Xend Finance building on the Binance Smart Chain?
Binance Smart Chain offers a powerful DeFi ecosystem and a reliable alternative to Ethereum. Since its launch in 2020, its meteoric rise and widespread adoption have only validated its capabilities of being robust, cheap, fast, and user-friendly — ideal platform features for DeFi and DApp development.
Xend Finance is building the first decentralized Credit Union and aims to serve markets that are financially underserved and out of reach for legacy institutions. Building the platform on a cheap and user-friendly blockchain will be crucial to serving such markets.
2. What are the main features of the Binance Smart Chain?
BSC has one of the fastest blockchain transaction times and lowest fee structures. This renders it a fan favorite among developers who are moving in hordes to develop dApps. Binance Smart Chain also powers smart contract functionality and boasts compatibility with Ethereum Virtual Machine (EVM). There are already 60+ DApps operating on the Binance Smart Chain.
3. How does Binance Smart Chain differ from ETH and other chains?
There are a number of things that BSC does differently and better. BSC offers full-scale interoperability, enabling cross-chain communication with all the blockchains. Its fast throughput is made possible by heterogeneous sharding, and security built through a POS (Proof of Stake) relay chain with an on-chain governance system.
BSC is very cheap to run charging between $0.01 — $0.05 for transactions at a time when it cost $100 for a single transaction on Ethereum. The speed of BSC transactions is also superior, with Ethereum long plagued by scalability woes. Users could also easily port over from Ethereum to Binance Smart Chain.
4. What is Google Launchpad?
Google Launchpad is a global acceleration program that helps a select group of startups build and scale great products by matching them with the best of Google — its people, network, and advanced technologies. The launchpad is specially designed to propel local startups in underserved regions as they try to scale up and cater to markets long ignored by big players.
5. How does XEND Finance benefit from being on Google Launchpad?
Xend Finance is Africa’s first DeFi project, allowing users to earn compound interest and high APYs on their savings. Being featured in the Google Launchpad Accelerator program is massive for a startup and being one of the few startups focused on DeFi and Credit Unions is just a huge opportunity. Not only does Google validate and back the core mission and values of the project, but they also gives our team access to Google’s core foundations — its people, network, and advanced technologies.
6. What did the Google Launchpad program entail?
Being on Google’s accelerator program allowed Xend Finance to receive equity-free support. The team also had unfettered access to Google engineers and intensive mentoring from over 20 teams. Silicon Valley was always on call and the whole team was given PR training and global media opportunities.
In addition to mentorship and technical project support, the accelerator also includes deep dives and workshops focused on product design, customer acquisition, leadership development for founders, specialized training, media opportunities, and access to Google’s network of engineers and experts.
