Xend Finance Partners With Tidal Finance To Enhance Protection Of Member’s Assets Through Decentralized Asset Insurance
Xend Finance is pleased to announce its partnership with Tidal Finance. This partnership will provide decentralized mutual cover pools for assets and smart contracts on the Xend Finance platform. Xend Finance users can easily have their assets further protected through the coverage pool — on top of Xend Finance’s multiple smart contract audits — by paying a low insurance premium.
Making Decentralized Credit Unions Safer
Xend Finance allows users in countries with unstable currencies, or economic hardships, to convert their savings into stablecoins. These are then staked in DeFi lending platforms such AAVE, Compound, Balancer, and others, to earn compound interest with high APYs.
With Tidal, users can select risk pools by choosing any combination of protocols/assets and their coverage terms (premium, cover period, etc). On the other hand, liquidity providers can invest in pools that suit their risk/reward ratio.
This partnership is perfect for both parties, as Tidal further strengthens Xend Finance’s security. The users on the Xend Finance platform can easily buy insurance premiums for their assets, ensuring they are all always covered in unforeseen events.
As a result of this partnership, $XEND tokens will also be added on Tidal Risk Pools. Tidal will work closely with the Xend Finance team to launch its initial coverage pool.
About Tidal Finance
Tidal Finance makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. Tidal Finance is a Balancer-like insurance market built upon Polkadot that allows users to create custom insurance pools for one or more assets.
About Xend Finance
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and the home country currency. Members can earn multiple levels of interest on their savings by seamlessly swapping their crypto or fiat currency to stable cryptocurrencies and staking — the process of locking up crypto assets to earn yields on lending platforms so members can earn compound interest on their money. The Xend Finance platform is the first decentralized finance (DeFi) credit union.
The team comprises experienced professionals with backgrounds in mathematics, finance, cryptography, and blockchain development, working for some of Africa’s largest employers, including KPMG, Chevron, and Stanbic Bank. Xend Finance is headquartered in Enugu, Nigeria.
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