FTX, a cryptocurrency exchange, has partnered with AZA Finance, a company located in Africa, to increase the adoption of Web3 and digital currencies across the continent.
AZA Finance, a financial technology firm specialising in payments and foreign exchange, has created Africa’s first digital currency exchange. To date, it has expanded into ten African markets, completing more than $250 billion in worldwide transactions across 115 nations and 300 currency pairs.
AZA Finance became Africa’s largest non-bank provider of currency exchange last year after acquiring South African payments startup Exchange4Free.
AZA Finance CEO Elizabeth Rossiello says that “We’ve been developing our infrastructure across the continent, up into Europe, and into the Middle East for about nine years now, and we’ve welcomed some of the world’s largest customers.”
According to an FTX representative, the company’s initial priority in Africa would be the construction of fiat on-ramps, the acquisition of local licences, the localization of its current offers, fiat liquidity, and customer support.
The firms said on Wednesday that they will collaborate to connect African markets to the Web3 economy by constructing infrastructure and educating local consumers.
The companies also want to make it easier for people to deposit and withdraw money in African currencies on FTX.com, and they want to launch African currency and digital currency trading pairs.
According to Rossiello, Africa has a developing middle class of digital natives who have been using mobile money for a decade.
According to the report, the continent’s population will more than treble 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.
FTX and AZA Finance will also work together to bring African NFTs and artists onto FTX’s NFT marketplace.
The crypto exchange first announced intentions for an NFT marketplace in June, and it started later that month.
The continent’s NFT ecosystem, according to Rossiello, is “mushrooming,” but artists and creators have yet to have access to liquidity in local currencies.