According to an FTX representative, the construction of fiat on-ramps, the acquisition of local licenses, the localization of current offers, fiat liquidity, and customer support would be the company’s first priority in Africa.
Crypto exchange FTX has partnered with payment firm AZA Finance, to expand the adoption of Web3 as well as digital currencies across Africa. FTX and AZA Finance will reportedly connect the numerous African markets to the Web3 space through the establishment of infrastructure alongside providing in-depth knowledge to local users.
The partnership also revealed that both companies also plan to establish African currency and digital currency trading pairs, as well as make it easier to deposit and withdraw money in African currencies on FTX.com.
Both companies have stated that their work on the expansion of Web3 in Africa will be in five vital ways which includes Connecting African markets to the global Web3 economy by building vital infrastructure, Creating pathways for African users to participate and learn about the Web3 economy including educational resources & networking opportunities, Make it easier than ever to deposit and payout in African currencies on FTX.com, including mobile money and local bank account integrations, Launch African currency and digital currency trading pairs and onboard African NFTs and artists to the FTX NFT marketplace.
Elizabeth Rossiello, founder and CEO of AZA Finance, speaking on the likely regulatory barriers they may encounter due to the emerging nature of the Web3 space stated that her company is currently in close contact with several state agencies on the continent, working to find solutions to any problem that might hinder their plans.
“We are thrilled to be working with FTX and to help them grow across the African continent. Sam’s leadership, and his commitment to ethical expansion within Web3, are exceptional. As we built Africa’s largest platform for trading African currencies, one thing has been clear – that this continent is the future of global, digital economies,” Rossiello stated.
“We have stringent controls and are licensed now by central banks and Financial Conduct Authorities on three continents. We are looking forward to partnering with FTX to further expand its presence in Africa. Our strategy is to work closely with all regulators to ensure that any work in the African market in this regard is fully compliant and in the best interest of African users,” she added.
The CEO also revealed that this latest partnership is the first time her company was partnering with another firm of FTX’s size, which is also interested in working exclusively with AZA Finance across the continent.
According to an FTX representative, the construction of fiat on-ramps, the acquisition of local licenses, the localization of current offers, fiat liquidity, and customer support would be the company’s first priority in Africa.
AZA Finance has been in the front line with regards to fintech in Africa. The company launched both the continent’s first digital currency exchange as well as the first digital currency exchange worldwide run by a woman. The payment company has now expanded to 10 African markets to date, facilitating over $261 billion global transactions across 115+ countries and 300+ currency pairs.
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