FTX and AZA Finance will advance the Web3 economy in Africa

Global cryptocurrency exchange FTX is teaming up with digital currency exchange AZA Finance to boost adoption of Web 3 and digital currencies across Africa, according to a Press release Wednesday (March 16).

Co-founded in 2019 by CEO Sam Bankman-Fried and CTO Gary Wang, FTX is headquartered in Nassau, Bahamas and recently closed a $400 million Series C funding round that gave the startup a valuation of $32 billion.

Based in Nairobi, Kenya and launched in 2013, AZA Finance was founded by CEO Elizabeth Rossiello. The company launched Africa’s first digital money changer as well as the world’s first digital money changer run by a woman.

AZA offers foreign exchange, payment and financial services in 10 African markets and has processed over £200 billion in global transactions in over 115 countries in over 300 currency pairs.

Rossiello said AZA Finance will help FTX grow across Africa and stressed that the CEO’s commitment to “ethical expansion” within Web3 was unprecedented.

“As we built Africa’s largest platform for trading African currencies, one thing was clear: this continent is the future of global digital economies. After serving these burgeoning companies for years, we know that the next generation of users, creators and builders for the Web3 economy is undoubtedly African,” said Rossiello.

“And as one of Africa’s premier FinTechs, operating for over 8 years with a team of over 200 people from Dakar to Lagos to Kampala, we have the deepest knowledge of how to build a true continental platform. We look forward to supporting FTX’s mission to bring Web3 truly to the world,” she added.

With vibrant digital native markets, Africa is well positioned for the growth of Web 3 and metaverse economies. The continent’s population is expected to double by 2050, with two-thirds of this growth expected in urban areas. Africa is expected to have one of the largest workforces in the world by 2030, according to the press release.

“We look forward to working closely with them [Aza], and local regulatory bodies, to bring all of our products and services to the African market in a compliant manner. Additionally, we look forward to doing our part locally by supporting the efforts of artists and creators in the community,” said Bankman-Fried.

Read more: Fintech sector in Africa continues its upward trend, payment companies continue to dominate



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