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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.
Updated May 11, 2023, 5:57 p.m. Published Mar 16, 2022, 11:00 a.m.
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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The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
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- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
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