FTX Boosts Global Presence With AZA Finance Link in Africa
The agreement follows one day after FTX Europe said it received a license to operate a crypto exchange in Dubai.
Mar 16, 2022 at 11:00 a.m. UTCUpdated May 11, 2023 at 5:57 p.m. UTC
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Crypto exchange FTX bolstered its global presence by linking with AZA Finance, an African fintech firm, to expand access to digital currencies and promote Web 3 use in the continent.
- The agreement was announced a day after FTX Europe said it became the first firm to receive a license to operate a crypto exchange in Dubai.
- FTX plans to introduce African and digital currency trading pairs and work with AZA to make it easier to deposit cryptocurrencies and pay out in African currencies, according to an emailed statement on Wednesday.
- AZA Finance, based in Nairobi, Kenya, started the continent’s first digital currency exchange, the statement said. It offers foreign exchange, payments and financial services across 10 African markets.
- Africa has the smallest cryptocurrency economy of any region studied by Chainalysis in its 2021 report. That leaves room for growth: The cryptocurrency market on the continent grew over 1,200% in a year, the report said.
- “After serving these booming enterprises for years, we know that the next generation of users, creators and builders for the Web 3 economy is undoubtedly African,” AZA Finance CEO Elizabeth Rossiello said in the statement.
- Bahamas-based FTX and AZA also plan to build infrastructure, develop educational resources and provide networking opportunities to promote Web 3 use in the continent.
- The companies plan to attract local NFT (non-fungible token) projects and artists to the FTX NFT marketplace.
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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.