FTX expands into Africa on a partnership with AZA Finance

TL;DR Breakdown

• FTX dominates global presence into Africa with Aza Finance.
• AZA Finance pioneers the African fintech sector.

On March 16th, 2022, the FTX cryptocurrency exchange announced a global collaboration with AZA Finance in Kenya. With efforts to link the Web3 economy with Africa’s unstoppable progress, the partnership intends to expand the adoption of Web3 and digital currencies across the continent.

FTX expansion into Africa

The cryptocurrency exchange headquartered in the Bahamas is currently worth $32 billion. The firm recently closed a $400 million Series C investment round, resulting in a market capitalization increase.

AZA Finance provides treasury services and payments in ten African nations, including Kenya. The entity was founded in 2013 by Elizabeth Rossiello, the company’s CEO. It establishes itself as a continental fintech leader in Africa. Its the first to establish a digital currency exchange on the African continent and is also the world’s first crypto exchange run by a woman.

Aza Finance has completed more than $261.7 billion in international transactions across 115 countries and 300 currency pairs in its growth. Through the partnership, the Web3 economy will now be accessible through African fiat currencies as well as digital currencies. It also allows non-fungible token trading across the continent.

After launching in May 2019, FTX has quickly established itself as one of the world’s largest cryptocurrency exchanges. The crypto exchange aims to take advantage of Africa’s expanding population, which will double by 2050. The partnerships’ success appears inevitable because Africans are already using digital technologies rapidly. 

The Bahamas-based cryptocurrency exchange and AZA plan to establish infrastructure, develop educational resources, and provide networking possibilities to encourage Web3 usage across the continent.

According to a forecast from Chainalysis, Africa has the smallest cryptocurrency economy among all regions. As a result, the partnership wants to bring local NFT projects and artists onto the FTX NFT marketplace.

FTX global dominance

A day after the launch of FTX Europe in Dubai, the firm announced its expansion into Africa. As noted by Cryptopolitan, the exchange has expanded its operations in Dubai by acquiring a virtual asset license.

Bankman-Fried said the project’s primary objective is to establish a regional headquarters in Dubai and provide regional counterparty clearing for institutional investors. The exchanges` entry into Africa makes it easier to deposit and distribute money in African currencies.

Both businesses plan to introduce African fiat currencies and digital currencies trading pairs at some point in the future. In addition, there will be the development of pathways for African consumers to participate and learn about the Web3 economy, including instructional materials and networking possibilities.

Elizabeth Rossiello, CEO and founder of AZA Finance, stated about the collaboration: “We are thrilled to be working with FTX and to help them grow across the African continent. Sam’s leadership, and his commitment to ethical expansion within Web3, are exceptional. 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.”

Finally, Sam Bankman-Fried, CEO and Founder of FTX, had this to say: “We’re excited to partner with AZA Finance to further expand our presence on the continent. We chose to partner with Elizabeth and her team because of the incredible work they’ve done across 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.”