FTX will be teaming up with AZA Finance to expand the adoption of Web3 and digital currencies throughout Africa, the companies said.
The firms said they “will lead efforts to connect the Web3 economy with the unstoppable growth of the African continent.”
‘Africa is Primed for Expansion’
“We are super excited to partner with AZA Finance to connect African markets to the global Web3 economy by building vital infrastructure,” FTX Africa said on Twitter. “AZA Finance will be bringing its payments expertise to FTX.”
They also want to create pathways for African users to participate and learn about the Web3 economy, make it easier than ever to deposit and pay out in African currencies on FTX.com, and launch African currency and digital currency trading pairs.
In addition, the two firms said they want to bring African NFTs and artists onboard to the FTX NFT marketplace.
Web3 is a new iteration of the World Wide Web based on blockchain technology.
“Africa is primed for the expansion of the Web3 and the metaverse economies,” the companies said in a statement. “The region had nearly half of global mobile money accounts in 2018 and will see the fastest growth in mobile money through 2025.”
Led by CEO and founder Elizabeth Rossiello, AZA Finance launched both the African continent’s first digital currency exchange as well as the first digital currency exchange worldwide run by a woman.
The company said it has expanded to 10 African markets to date, executing more than $250 billion in global transactions across more than 115 countries and over 300 currency pairs.
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‘The Web3 Economy is Undoubtedly African’
Last year, AZA Finance expanded with its acquisition of South African payments company Exchange4Free – making the company the largest non-bank provider of currency exchange in Africa.
“We’re excited to partner with AZA Finance to further expand our presence on the continent,” Sam Bankman-Fried, CEO and Founder of FTX, said in a statement. “We chose to partner with Elizabeth and her team because of the incredible work they’ve done across Africa.”
Rossiello said “we know that the next generation of users, creators and builders for the Web3 economy is undoubtedly African.”
The reactions to this project were positive on social media.
“Good for you all, and excellent work. Making #crypto shine!” one poster said on Twitter.
“Great move,” another person tweeted. “Africa crypto market welcomes you.”
FTX, which has been valued at $32 billion, recently announced that it had received a virtual-asset license in Dubai in the United Arab Emirates.
FTX Europe, a recently-established division operating in Europe and the Middle East, is among the anchors in the Dubai World Trade Centre, an economic free zone.
The firm will offer “complex crypto-derivatives products with centralized counterparty clearing to institutional markets,” Bankman-Fried said.
One of FTX’s ambassadors and shareholders is football legend Tom Brady. Brady and his wife Gisele Bündchen have already been stars of numerous FTX commercials.
