Offer XSGD and XIDR with USDC at launch
— Anthony Ng, co-founder and CEO, Metalend Finance.
SINGAPORE, Feb. 15, 2022 /EINPresswire.com/ — Metalend Finance, a decentralized and open-source lending protocol on Ethereum went LIVE today with the world’s first DeFi lending and borrowing platform (app.metalend.finance ) which supports local currencies with the exception of currencies denominated in USD. At launch, the platform includes Singapore Dollar (XSGD) and Indonesian Rupiah (XIDR) and plans to add more currencies soon. Metalend Finance will help individuals, institutions and protocols that passively hold cryptocurrency assets to earn a higher return by providing liquidity to borrowers. Borrowers, in turn, have access to capital at interest rates well below those in traditional markets.
“We aim to create a whole new community that is more comfortable trading in their home currency. This opportunity to use local currencies for lending brings greater access, ease, relatability and most importantly many new investors from countries like Singapore, Indonesia, Vietnam, Thailand and Malaysia,” said said Anthony Ng, Co-Founder and CEO, Metalend Finance.
Metalend Finance allows users to deposit cryptocurrency assets, earn higher interest, and borrow other cryptocurrency assets against them. Using smart contracts, it automates the management and storage of capital on the protocol. As a permissionless protocol, anyone with a cryptocurrency wallet can lend securely through a transparent process and earn significantly better interest rates through Metalend Finance. Borrowers get faster, cheaper and stress-free loans without interference from third parties.
“Metalend Finance was born from the very idea of serving the underserved through existing lending protocols and even the traditional banking system in most developing countries. We aim to be the first lender to many in these countries as we continue to innovate and grow to support more lending and borrowing use cases than are currently available in DeFi,” said Jun Hao Yap, co-founder and CTO of Metalend Finance.
When launched, the platform invites lenders and borrowers to the first 10 million Singapore Dollar Club! Learn more about this exclusive offer on twitter @MetalendFin. The company also invites like-minded protocol partners and groups and other lending organizations to join forces and help address underserved banking needs everywhere.
Metalend has partnered with Xfers, a major payment institution licensed by the Monetary Authority of Singapore to issue e-money. In Indonesia, Xfers connects businesses to a range of payment methods that include bank transfers, e-wallets and offline channels such as bank agent networks and convenience stores. Xfers is the issuer of XSGD and XIDR.
About Metalend Finance: A brand wholly owned by Meta Software Labs PTE. Ltd., Metalend Finance is a DeFi lending protocol on Ethereum. The company is registered in Singapore and has a diverse group of employees from Singapore, Hong Kong, Belgium and India. Metalend Finance was created with the sole idea of meeting the underserved and unserved banking needs of millions of people in developing countries, especially in Southeast Asia. Please visit www.metalend.finance for more details.
Email: [email protected]
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