FTX has collaborated with AZA Finance to expand and fast-pace the adoption of Web3 and cryptocurrencies across Africa. AZA, an African-based fintech company, has established a name for itself by launching Africa’s first digital currency exchange. It became Africa’s largest non-bank provider of currency exchange in 2021 when it acquired Exchange4Free, a South African payments company.
Elizabeth Rossiello, CEO of AZA Finance, said the company has been growing its infrastructure across the continent up into Europe and the Middle East for about nine years now. She revealed that AZA Finance has welcomed some of the largest customers in the world.
FTX is working on the development of fiat on-ramps, and securing of local licenses as the firm’s initial priorities. The crypto exchange will localize its current offerings, customer support, and fiat liquidity. FTX and AZA Finance are committed to connecting the African markets to the Web3 economy. Both companies will build infrastructure and educate local users.
FTX and AZA Finance want to make it easier to deposit and payout in African currencies on the former’s platform. Moreover, they plan to launch African currency and digital currency trading pairs. The companies will also onboard African NFTs and artists to FTX’s NFT marketplace.
Rossiello highlighted that most exchanges in Africa do not offer many liquid equities. Now FTX offers NFTs, tokenized stocks, and other tokenized assets. The AZA Finance CEO said their African customers can access these products through multiple counterparties. Rossiello acknowledged that having a direct-to-user experience requires a true effort from the platform to invest locally in customizing the product suite.