XendBit

What is XendBit

The XendBit Offering

XendBit is positioned to be the solution of choice for the following service offerings and benefits:

XendBit Decentralised Exchange

Centralised exchanges are susceptible to internal and external security risks. XendBit is a decentralised blockchain platform designed to fulfill a number of financial inclusion services such as remittances, payments, aid disbursement, store-of-value and credit. Powered by a crypto-currency exchange with bank verified KYC features, it enables users to trade safely and securely without risking customer funds. The XendBit wallet uses bank-verified KYC and is being developed as an exchange initially supporting popular digital assets including BTC, with the aim to add more in the near future.

The Target Market

In Africa there exist a number of exchanges and blockchain start-ups in the crypto space, and a few are leveraging crypto-currency usage for cross-border trades and payments. The activities suggest good timing for serious players to come in, while the infrastructure for local take-off of digital assets is solid and robust, with the liberalisation of telecommunication across the continent that has enabled internet accessibility to a great extent with about 50% of the African population now having mobile phones, according to GSMA. This is complemented by the fact that for the past two years smartphone usage in the continent has doubled to reach an impressive 226 million subscribers.

The financial services industry is also positively accommodating old and new players, who are contributing to transaction volumes of over $100 billion within the payments and remittance space. Some of the banks are now lobbying for rights to trade crypto-currencies, though most of the region’s central banks are keeping the banks focused on traditional fiat-based services. The next wave yet to impact the continent is that of the crowdfunding capabilities of the blockchain such as Initial Coin Offerings (ICO) and other token-based initiatives.

A number of start-ups are also showing promise in offering token services such as those focusing on property title registrations, digital certificates for licenses & permits, digital identity, financial instruments such as bank guarantees, solar power tokens, etc. As African governments and institutions begin to understand and appreciate blockchain as a transformational replacement for traditional financial transaction systems and records, Nigeria takes the lead with a Customs & Excise blockchain project. Africa’s chance to leapfrog over regular financial services thus improves. This will position the economies of Africa for the future of digital finance and perhaps make Blockchain a timely, even if surprising, development.

Now that conditions on the continent are conducive for growth in the adoption of crypto-currencies, some players within African economies are relying on crypto-currencies to combat uncontrolled inflation which has been experienced in countries like Zimbabwe, South Sudan, and Nigeria. XendBit aims to position itself as a platform to actualise redesigned modes of financial service delivery, based on opportunities presented by the blockchain ecosystem including smart contracts, ICOs, cryptoloans, venture financing and tokenization that will power digital identity, certificate registration and verification services.

The XendBit Approach

Unlike most global exchanges which are centralised, XendBit is the first decentralised digital asset exchange focusing on Africa. This is in line with the blockchain inherent feature of decentralization which removes the risks (e.g. hacks, internal fraud) associated with a central repository of investors’ funds (i.e. private keys). In addition, XendBit features a fork of the NXT blockchain, XendCoin, which serves as a native transaction token that enables additional blockchain services and helps to reduce the high transaction costs associated with traditional centralised exchanges.

Furthermore, by enabling localised TetherCoins, P2P trading becomes more fluid as it allows traders to engage and settle trades in a manner faster than bank transfers or use foreign TetherCoins like USDT which are not easily redeemable with local currencies. XendBit’s localised TetherCoins (e.g. NGNTether, GHSTether, KSHSTether) will put the market back into the hands of its traders, allowing them to start and settle trades easily in their respective geographical locations. This will also enable lower fees, speed, flexibility and ease common with crypto-currencies for fiat related transactions. XendBit wallet holders can also be assured of a proof-of-stake incentive, forging, whereby anyone that maintains an active/online XendCoin balance can earn interest on the network.

There is currently a gap in African crypto-currency markets due to a still high number of underserved mobile money users and mobile banking populations. XendBit has devised a proven strategy of leveraging on its mobile money and agency banking partners to enable crypto enabled remittance, aid distribution and administration, and coin exchange services. This allows XendBit to function not just as an exchange but as a blockchain platform for enabling transparent ecosystem transactions within peer-to-peer markets comprising of lenders, donors, remitters, borrowers and beneficiaries while reducing the frustration in crypto-volatility with the use of fiat-pegged localised TetherCoins. The XendBit marketplaces are powered by both a digital goods store and an asset exchange.

In Africa, the major players are foreign-based companies with limited vested services resulting in mostly peer-to-peer investing and trading activities. XendBit plans to feature tailored services to better suit the needs of its target markets. The XendBit blockchain platform will allow farmers, business owners and traders seeking grants, loans and investors to be easily vetted by our participating banks or investment houses and then become suitable for crypto-funding (loans, grants, and investments). This will be made possible through XendBit integration with over 30 banks across Africa with over 20 million verifiable business and individual bank accounts.