Key Takeaways:
- 'Inflation has fuelled Africans interest in cryptocurrency'.
- Africans needs DeFi more than any other region ―Ugochukwu
LAGOS (CoinChapter.com) — Africans are embracing cryptocurrency to secure their funds and protect themselves against inflation, which is rampant in the continent.
Xend Finance CEO, Aronu Ugochukwu, in an interview disclosed that Africans are embracing digital assets to protect themselves from inflation. He said Africans growing interest in cryptocurrency was fuelled by the need to secure their funds in a stable currency.
Ugochukwu explained that in one year since the launch of Xend Finance the platform has recorded impressive growth as customers now see the platform as a hedge against inflation.
“Many people were searching for an answer to easily convert their local currency to stable cryptocurrency or US dollars. Rather than keep what they were earning in devaluing local currency.”
Ugochukwu said.
The DeFi platform CEO, however, expressed dissatisfaction with several African countries, especially Nigeria’s stance towards blockchain and digital currency. He revealed that several government crypto stances have acted as roadblocks to the development of DeFi projects.
‘Africans Need DeFi More Than Any Other Region In The World’
Moreover, speaking on the future of DeFi in Africa, Ugochukwu noted that the continent will drive the growth of DeFi. He indicated that Africans needed DeFi more than any other region of the world and Xend Finance was focused on its growth in the continent.
Ugochukwu explained that Africa presents the most lucrative opportunity for fintech, DeFi, and Web3 because it is predominantly mobile. The continent also has a high unbanked population, large credit gap, volatile currencies, and inefficient and expensive cross-border payment rails.
As a result, Africans have embraced DeFi to protect and secure their funds. Notably, several African countries such as Nigeria have seen the highest crypto adoption in the world.
Notably, Africa’s cryptocurrency market has grown by over $100 billion in the last year. Africa is the second most populated continent in the world with an estimated population of 1.4 billion people, making it an intersting target investment for the crypto market.
What Is Xend Finance?
Xend Finance is a fast-growing startup that uses DeFi to solve currency devaluation and inflation. The DeFi platform recently launched the first global crypto banking app out of Africa.
The blockchain-based application allows users to save in stable currencies, in order to hedge against inflation and devaluation. Also, the continuous migration from traditional banking to digital banking, Xend finance provides users with a whole new crypto banking terrain.
