Xend Finance Hackathon 2021 Recap

Greg, Goon Trades, the co-founder of BSC News, explores the crypto scene that is booming in Africa with insightful data and perspective in the recent interview with Xend Finance.

By
Chung Yee
on
November 17, 2021
Category:
BSC News

Booming Industry

The Xend Finance Hackathon 2021 featured Greg, Goon Trades, the co-founder and editor-in-chief for BSC News, in its recent interview titled, ‘Covering the African Blockchain/Crypto Scene.’ The interview also featured Daniel Abel, a senior reporter for Nigerian Tribune and Altcoin Buzz

Cryptocurrency use has exploded amongst Africans for fundamental financial services. The African cryptocurrency market has grown by 1200% on year-over-year growth. Decentralized Finance (DeFi) and on-chain products are providing more financial services to Africans. 

One significant role played by crypto assets is to serve the unbanked or the underbanked. 

‘Using these peer-to-peer systems kind of replaces and fixes a lot of struggles they are having with traditional banking that isn’t quite available to everyone’ - Greg 

Touching on the role of institutions in the African crypto scene, Binance Smart Chain (BSC) has a massive ecosystem. Binance has laid down the foundation and has held a master class event for 1000 people in Africa in an eight-week-long course that focuses on various aspects of the crypto ecosystem, including trading, DeFi, development, and learning about the Binance Smart Chain. This effort is critical in setting up Africa for success in the crypto space. 

DeFi Products

DeFi products are good tools to aid the African economy. It allows users to lend and borrow, but caution must be exercised because there are inherent risks. There are smart contract risks behind every DeFi platform. However, these risks can be differentiated because there are different levels of risks, and there are solutions for different risk appetites. 

GameFi is an emerging segment of the DeFi industry. It is an interesting intersection between the gaming and finance industries. This market segment is currently seeing rapid growth, not just in Africa but across the globe. Rewards in the form of incentives or wages drive the onboarding of new users. 

Source: Africa may not have the market size of North America or Eastern Asia, but the retail market share has recorded the fastest growth

Role of BSC News

In the interview, Greg also touched on the growth of BSC News as the leading news provider on Binance Smart Chain to over 1,000,000 users. There is a steady growth of audience from Africa with a fair share of users from Nigeria. BSC News and Solana News come under the umbrella company of DeFi Direct, which will be focusing on a multi-chain future. 

BSC News is also picking up coverage from projects like Xend Finance that constantly build and update their progress. Information for coverage can also be obtained through documentation readily available on GitHub, project whitepapers, or direct communication with the project teams.


What is Xend Finance

Xend Finance is a platform that provides the tools for a decentralized financial credit union. Members can benefit by exchanging their crypto or fiat currency to stable cryptocurrencies and staking it to earn yield or by lending it to earn interest. It is also the first African company to develop a fully operational product on the Binance Smart Chain.

For more on Xend Finance, see the project’s official media links:

Website | Medium | Twitter | Reddit | YouTube

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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