FTX, a cryptocurrency exchange, has partnered with AZA Finance, a company located in Africa, to increase the use of Web3 and digital currencies across the continent.
AZA Finance, a financial technology firm specializing in payments and foreign exchange, has created Africa’s first digital currency exchange. To date, it has grown into ten African markets, completing more over $250 billion in worldwide transactions across 115 nations and 300 currency pairings.
AZA Finance became Africa’s largest non-bank supplier of currency exchange last year after acquiring South African payments startup Exchange4Free.
AZA Finance CEO Elizabeth Rossiello said:
“We’ve been growing our infrastructure across the continent up into Europe and the Middle East for almost nine years now, and we’ve been welcoming some of the largest customers in the world. This is the first time that we have a partner of this size that also wants to work with us exclusively across the continent and enter some new markets with us.”
According to an FTX representative, the company’s initial priority in Africa would be the creation of fiat on-ramps, the acquisition of local licenses, the localization of its current offers, fiat liquidity, and customer support.
The firms said Wednesday that they will collaborate to link African markets to the Web3 economy by constructing infrastructure and teaching local consumers.
The firms also want to make it simpler for people to deposit and withdraw cash in African currencies on FTX.com, and they want to introduce African currency and digital currency trading pairings.
According to Rossiello, most African markets do not provide many liquid equities. As more investors seek alternatives, FTX provides NFTs, tokenized equities, and other tokenized assets that are not widely available on the continent.
Africa has a developing middle class made of digital natives who have been using mobile money for a decade.
According to the Brookings Institute, the continent’s population will more than double between now and 2050. As early as 2030, metropolitan regions will account for two-thirds of population increase, with a workforce that will be among the world’s largest.
According to a second Brookings Institute analysis, the area had over half of worldwide mobile money accounts in 2018 and would experience the highest growth in mobile money through 2025.
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