Xend Finance and Risevest Introduce Africa’s First Tokenized Stocks Platform
Xend Finance, a decentralized finance project backed by Binance and Google, is launching a platform in Africa to offer tokenized access to global real estate and stock markets. This initiative is part of a growing trend of Web3 projects focusing on the African continent for real-world tokenization (RWA). Xend Finance has partnered with Risevest, a digital wealth management platform, to provide individual and institutional investors with exposure to global markets. Risevest recently acquired a broker-dealer license in the United States.
The new platform allows users to invest in international real estate and stock markets by purchasing fractional shares via tokenization, with entry barriers as low as $5 when using stablecoins such as USDT and USDC. According to Risevest CEO Eke Urum, this partnership enables the offering of fractional, dollar-based assets like real estate and US stocks in a seamless, blockchain-powered format. This is seen as a game-changer for young Africans looking to build wealth securely, transparently, and without barriers.
The launch comes as Africa is increasingly recognized as a key market for RWA, with several ongoing projects on the continent, including LIDO NATION’s attempt to tokenize and verify goods, Empowa’s use of the Cardano blockchain to tokenize financial instruments in Kenya, and the development of the Africa Tokenization Council. Xend Finance, founded in 2019 and based in Nigeria, built its DeFi platform on the BNB Smart Chain.
Africa is also witnessing a significant growth in crypto adoption, with Nigeria ranking No. 2 out of all countries in crypto adoption, according to Chainalysis’s 2024 Geography of Crypto Report. Other Sub-Saharan countries, such as Ethiopia, Kenya, and South Africa, are also among the top 30. Africans are adopting crypto for various reasons, including business payments, as a hedge against inflation, and for smaller transactions. Stablecoins, especially those pegged to a major fiat currency like the US dollar, might be one such use case, acting as a hedge against inflation and allowing businesses to transact at a lower cost.
Stablecoins account for 43% of all crypto volume in Sub-Saharan Africa. RWA tokenization is another use case that may spur crypto adoption in Africa, enabling individuals to access the global financial system. As the continent continues to embrace crypto and blockchain technology, it is likely that we will see more innovative solutions and partnerships emerge, further driving growth and adoption in the region.
In conclusion, the partnership between Xend Finance and Risevest to offer tokenized access to global markets marks a significant milestone in the growth of Africa’s crypto and blockchain ecosystem. With the continent’s increasing adoption of crypto and the potential of RWA tokenization, it is an exciting time for the region’s financial landscape. As more projects and initiatives emerge, we can expect to see increased access to global markets, financial inclusion, and economic growth, ultimately benefiting individuals and businesses across Africa. The future of crypto and blockchain in Africa looks promising, with the potential to drive meaningful change and improvement in the lives of millions of people. As the ecosystem continues to evolve, it will be interesting to see how these developments shape the continent’s financial future and contribute to its overall economic growth and development.
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