Sam Bankman-Fried’s FTX is partnering with AZA Finance to expand the use of digital currencies and Web3 in Africa. Through this arrangement, the two companies will also work to “onboard African NFTs and artists onto the FTX NFT marketplace.”
Bolstering Adoption of Web3 and Crypto in Africa
Hong Kong-based cryptocurrency exchange FTX recently announced the start of a partnership with AZA Finance, whose objective is to “expand the adoption of Web3 and digital currencies throughout Africa.” This also includes non-fungible tokens (NFTs).
A statement released by AZA Finance said the two companies will work to “create pathways for African users to participate and learn about the Web3 economy including educational resources & networking opportunities.” The statement added that the two firms are also hoping to “Make it easier than ever to deposit and pay out in African currencies on FTX.com, including mobile money and local bank account integrations.”
In her comments following the announcement, Elizabeth Rossiello, the CEO and founder of AZA Finance, said her company was ready to help FTX expand its footprint across the African continent. She added:
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. After serving these booming enterprises for years, we know that the next generation of users, creators & builders for the Web3 economy is undoubtedly African.
According to the statement, AZA Finance, which operates in 10 African countries, offers foreign exchange, payments, and financial services. It has also executed global transactions valued at over $260 million “across 115+ countries and 300+ currency pairs.”
Onboarding African NFTs
AZA Finance’s track record in Africa, as well as the experience of Rossiello and her team, were some of the factors which prompted FTX to start the partnership, Sam Bankman-Fried, CEO and Founder of FTX, is quoted explaining. He adds that such a partnership arrangement will likely help his company boost its presence in Africa.
“We look forward to working closely with them, and the local regulatory bodies, to bring all of our products and services to the African market in a compliant way. Additionally, we look forward to doing our part locally by supporting efforts by artists & creators in the community,” Bankman-Fried explained.
In addition to building the Web3 infrastructure, the two companies said they will work to “onboard African NFTs and artists onto the FTX NFT marketplace.” They will also launch African currency and digital currency trading pairs, the statement said.
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Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
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