The founder of Xend Finance, Ugochukwu Aronu, launched a new blockchain trading platform that charges zero fees for transactions.
The New Trading Platform launched by Asset Chain, a Nigerian blockchain infrastructure company, facilitates the trading of digital and real-world assets in a peer-to-peer format, eliminating middlemen or traditional banks. The Decentralized exchange supports the trading of USDT stablecoin and cNGN, a naira-backed stablecoin with zero gas fees.
“Traders will buy USDT with cNGN without talking to anyone, and settlement is instant. Also, traders don’t pay gas fees. It is free of charge (sponsored) on Asset Chain,” said Ugochukwu Aronu, the company’s CEO.
Nigeria has a high crypto adoption, contributing a whopping $59 billion out of the $125 billion on-chain value of Sub-Saharan Africa. A significant portion of these crypto transactions happen peer-to-peer outside the guardrails of an escrow or middleman. This opens up many Nigerian traders to the risk of fraud and all manner of illicit practices. Asset chain hopes to help solve this issue with its new launch.
Real World Assets Trade
Besides facilitating the trade of digital assets, Asset Chain has something for traders looking to swap the tokenized version of real-world assets, too. The DEX also supports the trade of Assets like Nigerian Real estate, government bonds, and agricultural products.
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“We have a partnership with Risevest to allow everyday people in Nigeria or diaspora to invest and earn up to 15% yield annually,” Aronu said. To ensure these digital tokens match real-world assets, Asset Chain requires asset issuers to go through strict identity checks, insurance, and compliance. “We have a company called Assetbase that is already building this with the Asset Chain [blockchain],” he added
Ugochukwu Aronu, the founder of Xend Finance and Asset Chain, has carved a niche in Nigeria’s budding blockchain space. The Launch of the new DEX by Asset Chain aims to sanitize Nigeria’s blockchain space wholly.
