Start-up Showcase

Xade Finance: Revolutionizing Digital Banking with DeFi

by Ross Bose

In a world where digital banking is becoming increasingly prevalent, Xade Finance emerges as a seamless and user-friendly platform that brings decentralized finance (DeFi) to the masses. Founded by Harshal Madnani, Xade Finance aims to provide transparent and efficient banking services that anyone, even your grandma, can use without realizing they’ve entered the world of DeFi. Recently, a captivating session was held, featuring a live demo of the platform and an insightful Q&A session. Let’s dive into the key highlights of this event.

The Session: Exploring the Future of Digital Banking

The session began with a live demo of the Xade Finance platform, showcasing its user-friendly interface and seamless transaction capabilities. To get started, users only need to enter their email address and phone number, simplifying the onboarding process.

Key Features of Xade Finance:

  1. Gasless Payments: With Xade, users can send payments to any email, mobile number, or wallet address without the need for gas fees, making transactions hassle-free.
  2. Cross-Chain Transactions: Xade enables transactions across multiple blockchain networks and stablecoins, enhancing flexibility and accessibility.
  3. Growing Ecosystem: Currently supporting USDC, Xade has plans to expand its ecosystem to include Euro Coin and Brazilian Real Coin, broadening its reach and user base.
  4. Real-World Loans: Xade facilitates borrowing against tokenized real-world assets, offering users access to real-world loans in a decentralized manner.
  5. On-Chain Mortgages: A unique feature of Xade Finance is the ability for users to finance their EMIs on-chain, providing unprecedented convenience in the DeFi world.
  6. Future Developments: Xade has ambitious plans to introduce on-chain loans in the near future, expanding its lending capabilities even further.
  7. Diversified Trading: Xade enables users to trade various asset classes, including cryptocurrencies, stocks, ETFs, and more, empowering them with a comprehensive investment experience.
  8. Xade Card: Currently available in America and soon to launch in Europe, the Xade Card offers a non-custodial payment solution powered by Visa, earning users Xade coins with every transaction.

Q&A Session: Addressing User Queries

During the session, participants had the opportunity to ask questions and gain deeper insights into Xade Finance’s offerings. Here are some key highlights from the Q&A session:

Q. When will the Xade card will active for Indian users?

A. Harshal expects the card to be available in Asia not before Q1 of 2024.

Q. What are the utilities of the Xade Card?

A. The Xade Card is completely non-custodial, powered by Visa, and accepted across the globe. Whenever a user makes a transaction using the Xade Card, they earn Xade coins. Xade coins can be used for three purposes – a. Redeemed into Xade tokens, which can be used for governance on interest rates on the platform. b. To reduce fees on the platform. c. Users will get exclusive offers, gifts, and cashback on spending (soon to launch).

Q. How do off-chain assets work?

A. When it comes to real estate, Xade has partnered with other brands that tokenize real-world assets. The partners audit the 1:1 backing of assets. This is how the pipeline looks:

Xade uses ERC-721 tokens backed 100% by real estate. The asset needs to be whitelisted by a community based on the number of tokens they hold.

If a user defaults on their loan, then the tokenized assets get liquidated. Then, the asset, i.e. the real estate, gets listed back on the partner platform, instead of on-chain.

Q. Can one get loans against NFTs?

A. Not at the moment. Xade only supports loans against NFTs of tokenized real-world assets.

Q. Is Xade exploring any new chains in the market?

A. Xade currently supports Polygon with plans to support Polygon, Polygon Zero, and Arbitrum on the mainnet.

Q. What are the security measures taken by Xade to protect user information?

A. Harshal answers that Xade doesn’t tend to store any personal information with the social recovery option. Xade supports social recovery and connecting of wallets via which users can create their non-custodial wallets.

With non-custodial wallets: Users have full custody of funds

The code behind user interaction with any protocol is open-source

Transactions are visible on the block explorer, hence, transparency is maintained

For wallets created via social media accounts:

Users are offered 2FA, face ID, and pins.

Q. How does Xade plan to adapt to emerging technologies in the DeFi space?

A. While all the new protocols in the market are currently focusing on solving the same current issues at hand, Xade Finance has the upper hand as it started 1.5 years ago, and has more experience in terms of security, user experience, sustainability, real-world assets, etc.

Q. How does Xade allow users to speculate about the prices of the assets?

A. Xade allows speculation over a number of assets like Bitcoin, Ethereum, Tesla, etc., with their own DeFi protocol. Moreover, Xade provides 10-second funding rates compared to industry standards of 1-hour rates. Every trade on Xade is completely individual compared.

Q. Does Xade have any plans for Fiat On-Ramp?

A. Xade already supports Transak, On-Ramp & Wyre.

Q. A fun question before the end: How did you come up with the name XADE?

A. “Experimentations on Autonomous & Decentralized Engines,” Harshal shared the full form behind Xade, after adding that it “sounded cool.”

Q. Is Xade providing any free tokens?

A. Harshal shared a hack: Every time users make a transaction on Xade, they earn Xade coins which can be redeemed for Xade tokens. Additionally, the platform hosts many programs where users can earn Xade tokens.