XendBit Leverages Blockchain For Financial Inclusion In Africa
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By Rommy IMAH
XendBit Decentralized Exchange (DEX) made a product and service pre-launch announcement on the 17 July 2018 at the recently concluded Global Blockchain Congress in Johannesburg, South Africa.
digitaltimesng.com understands that XendBit DEX was developed out of a growing need to de-risk cryptocurrency exchange services so as to ensure better security and control to its users with a wallet secured by a twelve-word passphrase.
The developers of XendBit, Digital Transaction Services Ltd (DTS) based in Lagos Nigeria, also look to ensure a cryptocurrency trading platform that is non-custodian and thus fully blockchain compliant with all user data as well as transactions data being stored on the Xend blockchain.
The XendBit platform whose services will be fully available at the beginning of the Q4 of 2018 is also to start services for early adopters in September with zero fees to fulfill its Initial Trader Offering (ITO).
The major advantage of the XendBit Wallet is ease of use as both a DEX and a cryptocurrency wallet. The wallet can be used either as a trading client or a store of value (tokens).
The XendBit wallet also functions like a bank account that allows users to earn interest on their balances through a process known as forging inherit of its Xend Blockchain, which is a fork of NXT. The platform also boasts of easier listings and access to new digital assets and tokens from new ICOs through a voting system that will be controlled by its users.
XendBit also seeks to be more tailored to emerging economies by making peer-to-peer trading more fluid and faster with local Tether coins such as the planned NGNTether, KSHTether and RNDTether coins.
According to the founder and CEO of Digital Transaction Services Ltd (DTS), Bolaji Onibudo, “fiat pecked Tether coins will solve the challenge of delayed trades between buyer and sellers while also enabling faster withdrawals with our integration with over 30 African banks.”
DTS is among the new and emerging Blockchain companies in Lagos and other parts of Nigeria collaborating towards a Blockchain ecosystem with others such as Seso Global, Blockchain Asset Management Ltd, Blockchain Solutions Ltd among others.
On the security front, the designers of XendBit argue that user data is best secured with a decentralized KYC and Transaction data repository based on blockchain technology. This according to them, is to ensure that sensitive information about users can only by viewed or modified as a result of a user-initiated activity.
“As a service, XendBit intends to be a market maker ensuring availability of liquidity and up to 50% lower transaction fees from the use of its native blockchain token, Xend. Furthermore, XendBit integration with payments and banking networks across Africa will make it ideal for additional layers of financial services that complement the banks and help achieve financial inclusion for the unbanked,” said Onibudo.
The capabilities for payments, remittances and aid disbursement with smart-contracts showcased at the exhibition booth helped XendBit bag the award of Excellence in Blockchain Application for Financial Inclusion.
XendBit is to function primarily as a decentralized exchange for trading and conversion between several cryptocurrencies, starting with Bitcoin, Etherium, Litecoin, Dash, Dogecoin, Steller, NXT and Ardor. The platform will allow users to place orders through its secure and decentralized order, matching order book while enabling access to different sources of liquidity, including Nxt/Ardor assets and coins from global exchanges via APIs.
The XendBit wallet is also designed to function in two separate modes, Simple-mode for investors and Advanced-mode for traders, with varying levels of complexity in features. XendBit aims to meet the innovation required of DEX in eliminating the weakness of a single point of failure common in traditional centralized cryptocurrencies exchanges that are often prone to hacks and asset theft as seen in the media in recent times.
The alpha build of XendBit is available through the website, www.xendbit.com for trials on the associated cryptocurrency testnets.