Q1. We would like to kick this interview off with an introduction of what Xend Finance is actually all about and what you're trying to achieve?
A- Xend Finance provides the tools and platform for a decentralized financial (DeFi) credit union, regardless of the user’s geographic location and the home country fiat currency. Members can earn multiple levels of interest on their savings by seamlessly swapping their crypto or fiat currency to stable cryptocurrencies and staking them on lending platforms through the Xend Finance DeFi platform. Xend Finance is the first DeFi for credit unions and the fastest growing blockchain company out of Africa.
Q2. Could you please also give us an introduction of the team behind the project and what your backgrounds are?
I am Ugochukwu Aronu. I am the Founder and CEO of Xend Finance. I have an engineering background and I lead the blockchain engineering team at Xend Finance. My team has experience in engineering, marketing and community development in the crypto space. We are majorly based in Nigeria. Most of our marketing team is based in the US. I really got to know about the blockchain when my colleague who was doing his masters in the University of Jyvaskyla in Finland told me about the blockchain technology late 2016 and that I could write code that runs on the blockchain.
I felt it was a really cool Idea to write code and deploy apps on something as complex and groundbreaking as the blockchain. I started working checking out websites that held cryptocurrencies like Bitcoin and Ethereum and found Blockchain.info. I was developing some test DApps while also building my own Bitcoin wallet from ground up because I really wanted to understand how everything worked.
You can learn about our team in detail here: https://medium.com/xendfinance/xend-finance-team-introduction-fc5a57092eaa
Q3. Now let's get to your recent fund raise before we move on to the actual product. We've heard that some of the biggest names in crypto, but also traditional corporates are backing you. Obviously that was mind-blowing news - can you tell us a bit more about that?
Xend was incubated by Binance Labs and Google Lanchpad. They were seed funders. These backings are super great. They provide great support, investments and advisory. With global presence we are also able to learn from their wealth of experience. We really feel special being backed by these great companies. We have Tier one investors such as Binance, Google Launchpad, NGC, HashKey, AU21 Capital. We have been pushed far by these partners.
Q4. On the product side you're essentially offering high interest rates on savings and the access to loans with flexible repayment rates - who is going to be your target customer base for that?
Our main aim in the crypto world is to bring non-crypto savvy users who are financially underserved and who have unstable economies to the global crypto money market to gain high yields and also protect them from steady currency devaluations caused by their unstable economies.
Q5. Is it correct that basically everyone will be able to participate without any restrictions?
Yes. You do not have to provide any documentation if you are using your crypto wallet directly on our protocol and you can access our smart contracts from any country. We got over 1500 users from 75 countries in less than 2 weeks of testnet launch.
Q6. 'invest on a schedule' is something we've haven't seen anywhere yet. Could you please elaborate on that feature?
This is a feature that allows you to automatically invest your savings into the Xend platform on a scheduled date and time. It is sort of like a fixed monthly planned investment.
Q7. You've currently your pre-launch program ongoing, could you please give us more information on what that actually entails and what would be the process for people to participate in that?
The pre-launch program is a way of incentivizing the early users of our Mainnet on Binance Smart Chain. We launched a Beta Version of the Xend Finance Mainnet on Binance Smart Chain and we created an incentive to reward people when they use it so they can learn how it fully works and also teach others
Q8. You are going to have your IDO on Balancer - why Balancer over other platforms / launchpads? Where do you see the benefits of running it on Balancer and how can interested investors participate in that event? Could you please also give us the key IDO metrics?
To participate in the Balancer LBP please read the steps here: https://medium.com/xendfinance/the-xend-token-launch-on-balancer-b47e5b6ca80f
We launched on Balancer so we can distribute tokens to the community members fairly and also discourage whales and bots. Balancer gives an opportunity for the market to determine the price of the token and gives equal opportunity for all to be a part of the token purchase.
Q9. As you know everyone values security, especially in crypto where hacks and exploits are a common occurrence. What safety / security measures are in place? Will your platform go through audits?
We are proud to have achieved our mainnet code audit even before TGE. We are very excited and can’t wait to go live. https://medium.com/xendfinance/xend-finances-smart-contract-audit-has-been-successfully-completed-by-certik-20eb6e159569
Our contract has been audited. Our contracts are also protected by Decentralized insurance to protect assets of users. We are going to be working on our developer community where we will organize bug bounties, hackathons etc to help improve the security of our protocol.
Q10. Let's round up our interview with the question why you've decided to utilize the Binance Smart Chain as one of the pioneers on it?
We decided to build a version of Xend Finance on BSC because of
1. High speed. Block confirmations under 3 seconds
2. Cross-chain asset transfers
3. Very low fees.
4. EVM - Compatible
BSC is very important especially for users in Africa who do not always have very high income.