FTX and Aza Finance work together to support the growth of web3 in Africa

FTX and Aza Finance work together to support the growth of web3 in Africa

The crypto exchange FTX has teamed up with the Aza Finance based in Africa in order to expand the introduction of web3 and digital currencies on the entire continent.

aza finance, a financial technology company that focuses on payments and foreign exchange products. It has been expanded to 10 African markets to date and has carried out transactions worth more than $ 250 billion in around 115 countries and 300 pairs of currency worldwide.

With the takeover of the South African payment company Exchange4free Last year, Aza Finance became the largest non -banking provider for currency exchanges in Africa.

"We have been expanding our infrastructure on the entire continent to Europe and the Middle East for almost nine years and welcomes some of the world's largest customers," said Elizabeth Rossiello, CEO of Aza Finance.

"We have a partner of this size for the first time, who also wants to work with us exclusively and open up new markets with us."

An FTX spokesman said that the initial priorities in Africa will be the development of Fiat entrances, securing local licenses, the localization of its current offers, fiat liquidity and customer care.

ftx and Aza Finance will work together to combine African markets with the web3 economy by building an infrastructure and training local users on Wednesday.

The companies also try to simplify the deposit and payment in African currencies on FTX.com, and they plan to introduce trading pairs with African currencies and digital currencies.

Most stock exchanges in Africa do not offer many liquid shares, said Rossiello. Since more and more investors are looking for alternatives, FTX NFTs as well as tokenized stocks and other tokenized assets are offering, which are not easily available on the continent.

"African customers can access these products by going through several opponents," said Rossiello. "But in order to have a direct-to-us experience, a real effort of the platform is really necessary to invest locally in adapting the product suite and working with local regulatory authorities."

catching up to do

Africa has a growing middle class of digital natives that have been using mobile money for a decade, explained Rossiello.

According to the Brooking's institutes, the population of the continent will double until 2050. Two thirds of the population growth will take place in urban areas, with a working population that will be among the largest in the world in 2030.

The region had almost half of the global mobile money accounts in 2018 and will record the fastest growth in mobile money by 2025 Report of the Brookings-Institut found.

"Here the investors of the future come from, and I somehow find it silly, platforms that invest in digital currencies as a way to scare off as mere speculation," said Rossiello. "This is how young people actually invest today, and by young I mean something between 15 and 45."

The growth of NFTS

ftx and Aza Finance will also focus on integrating African NFTs and artists into the FTX's NFT marketplace.

The crypto exchange for the first time in June revealed plans for its NFT marketplace and started it later in the year.

Rossiello said that the NFT community "shoots mushrooms" on the continent, but found that artists and creators had no platform that offered them liquidity in local currencies.

"Africa was excluded in many ways by many financial services and infrastructures around the world, be it through risk reduction or other global guidelines," she said.

"So we are only part of the movement of FinTechs and local companies that concentrate on not to allow this for Web3."

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The contribution FTX and Aza Finance cooperate to support Web3 growth in Africa is not a financial advice.