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XendBit ICO

Past ICO
Apr 01, 2019 – May 15, 2019

XendBit is a decentralised blockchain platform for remittances, payments, aid disbursement, store-of-value and credit. The XendBit wallet uses bank-verified KYC and is being developed as an exchange. XendBit will be a platform to enable new blockchain-based financial services, taking advantage of the new opportunities presented by the blockchain ecosystem such as smart contracts, ICOs, crypto-loans, venture financing, and tokenization which will power digital identities, certificate registration and verification services.

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XendBit ICO ratings

ICOrating.com XendBit ICO icorating
Hype score Low
Risk score NA
Investment rating NA
ICObench.com XendBit ICO icobench 3.7 / 5
ICOmarks.com XendBit ICO icomarks 8.1 / 10
TrackICO.io NA
ICOholder.com XendBit ICO icoholder NA
Our rating
7.8
Claim admin rights for this ICO

Overview

Project industry Finance Services & Banking
Product type Platform

Features

The XendBit Offering

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

  • Decentralised crypto-exchange and wallet with enhanced security.
  • Transparent aid disbursement and management.
  • Payments and remittance.
  • Easy access to account opening and other financial inclusion services.• Decentralised applications (dApps) development platform.
  • 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.

    ICO Details

    ICO token supply: 100,000
    Soft cap: 15,000,000 USD
    Hard cap: 20,000,000 USD

    Legal

    ICO Platform: Ethereum
    Country limitations: USA, China
    Registration country: Nigeria
    Office address: 21, Ahmed Onibudo Street. VIctoria Island Lagos. Nigeria

    Token info

    Ticker: XEND
    Type: Utility-token
    Token price in USD: 1 XEND = 0.2 USD
    Accepted currencies: BTC, ETH, LTC
    Bonus program:
    Pre-Sale - 10%
    Token distribution:
    20% - Private Sale and Presale
    30% - Distributed by Crowdsale to the Public
    10% - Reserved for Blockchain Ventures
    30% - Founders and Angel Investors
    4% - Bounty
    6% - Advisers and Partners
    Funds allocation:
    25% - Business & Product Development
    20% - Marketing & Partnership
    20% - Operations
    25% - Platform Liquidity
    5% - Legal
    5% - Contingency

    XendBit ICO Roadmap

    1
    Q1 2017

    Android Bitcoin Wallet, Brokerage and asset custodian service development.

    2
    Q2 2017

    Multi-Chain Wallet implementation with support for Bitcoin, Litecoin, Ethereum etc .

    3
    Q3 2017

    Investigation of Various Blockchain and Development of a Basic XendBit Wallet.

    4
    Q4 2017

    Server-side Implementation of a Semi-Centralised Exchange with Remote Transaction Signing.

    5
    Q1 2018

    XendBit Blockchain MVP Forked, Alpha Release of XendBit Exchange and Wallet.

    6
    Q2 2018

    Decentralised Exchange Features with Fiat-to-Crypto and Crypto-to-Crypto Trading.

    7
    Q3 2018

    Alpha Release of Xendcoin Blockchain with Support of Smart Contracts (Smart Java Beans).

    8
    Q4 2018

    Full-Service Launch for XendBit Exchange, Partner Onboarding for XendCash and XendAid

    9
    Q4 2018

    Start of Private Token Sale, Ending by November 30, 2018.

    10
    Q4 2018

    Start of Presale (December 1, 2018), Ending by January 2, 2019.

    11
    Q1 2019

    Start of Public Sale ICO (January 3, 2019).

    12
    Q1 2019

    Release v1.0 of the XendCash and XendAid Blockchain Applications and Developing APIs.

    13
    Q2 2019

    XendBank Additional Services for Financial Inclusion.

    Project team

    Founder & CEO in XendBit ICO - 1
    Bolaji Onibudo
    Founder & CEO
    linkedin
    Chief Operations Officer in XendBit ICO - 2
    David Kaye
    Chief Operations Officer
    linkedin
    Marketing Consultant in XendBit ICO - 3
    Nkemdilim Begho
    Marketing Consultant
    linkedin
    Software Architect in XendBit ICO - 4
    Ebenezer Akintayo
    Software Architect
    linkedin
    Systems Designer in XendBit ICO - 5
    Ankit Omar
    Systems Designer
    linkedin
    Senior Blockchain Developer in XendBit ICO - 6
    Anshul Omar
    Senior Blockchain Developer
    linkedin
    Senior Product Architect in XendBit ICO - 7
    Femi Ashiru
    Senior Product Architect
    linkedin
    AI Research in XendBit ICO - 8
    Roy Elzhegundi
    AI Research
    linkedin
    Cyber Defense in XendBit ICO - 9
    David Kuku
    Cyber Defense
    linkedin
    Senior Fullstack Developer in XendBit ICO - 10
    Opeyemi Adeniran
    Senior Fullstack Developer
    linkedin
    UX/UI Developer in XendBit ICO - 11
    Ooreade Adeniran
    UX/UI Developer
    linkedin
    Board Advisor in XendBit ICO - 12
    Brian Konrad
    Board Advisor
    linkedin

    Advisors

    Board Advisor in XendBit ICO - 13
    TC Waugh
    Board Advisor
    linkedin
    Board Advisor in XendBit ICO - 14
    Segun Aina
    Board Advisor
    linkedin

    Social media

    Web-site Reddit Telegram btctalk LinkedIn Twitter Facebook slack github

    MVP

    MVP URL

    User rating:

    5/5 ( 1 )

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