Top-tier cryptocurrency exchange FTX has joined with AZA Finance, a Kenyan fintech firm, to increase its worldwide network and presence on African land.
Furthermore, the Hong Kong-based exchange and AZA provide services in ten African countries, including Treasury functions and payments. They intend to construct digital infrastructure that will link African markets to the global web3 economy. Web3 uses blockchain technology to replicate the internet.
The Strategic Partnership
FTX hopes to increase the adoption of Web3 and cryptocurrencies in Africa through this strategic relationship. This will provide perfect networking and learning opportunities.
They’ll also introduce African and digital currency pairs, as well as promotes non-fungible token trading on the continent.
In addition, there are plans to offer African and digital currency trading pairs. It will make depositing and withdrawing bitcoins using African currencies much easier. Onboarding artists across the continent are also likely to bolster the market for non-fungible tokens (NFTs).
Furthermore, the agreement was warmly welcomed by AZA Finance CEO Elizabeth Rossiello. She stated that they have been serving these thriving businesses for many years. They recognize that the next generation of Web3 economy consumers, creators, and builders is unquestionably African.
AZA Finance and FTX
Elizabeth Rossiello launched AZA Finance in Kenya in 2013 and it has now grown across Africa. They provide a variety of currency-related services, including digital currency trading via mobile money networks.
Sam Bankman-Fried, on the other hand, formed FTX. After acquiring $400 million in a Series C round announced in January, it attained its current valuation. It founded about three years ago and has since grown to become one of the world’s major cryptocurrency exchanges.
The businesses hopes to profit from Africa’s rapidly increasing population, which anticipates to quadruple by 2050. This includes Africans, who frequently have limited access to traditional banking systems, rapidly adopting digital technologies.
According to the firms, Africa accounted for over half of the world’s mobile money accounts in 2018.
FTX’s Expansion Plans
FTX has risen to become one of the world’s most valuable crypto exchanges, with a market cap of $32 billion. Furthermore, its growth push is gaining traction.
Following the approval of its virtual-asset license, FTX recently announced plans to create a regional headquarters in Dubai.
FTX Europe is the company’s European and Middle Eastern branch. It will offer complex crypto-derivatives products, according to CEO Sam Bankman-Fried. At the same time, the institutional market has centralized counterparty clearing.
Actually, the company founded just a few weeks ago. After FTX US, which started in May 2019, it became the crypto exchange’s second affiliate.
The corporation is continuing to grow its operations around the world. To strengthen its global reach, FTX purchased Liquid Group, a Japanese digital asset brokerage firm, in February.
