Finance

FTX Partners with Aza Finance to Promote Web 3 In Africa

FTX wants to expand its crypto exchange and NFT creation business on the African continent. The exchange has therefore signed a partnership with the continent’s leader Aza Finance.

With the structural issues facing Africa, the adoption of cryptocurrencies has skyrocketed. Indeed, inflation combined with the fluctuation of the exchange rate has led to rapid adoption of cryptos on the continent. Being an excellent way to transfer money at low cost, the young African population is flocking to digital currency and looking for new forms of investment to protect their economy.

Smartphones have largely contributed to promoting the financial inclusion of countries in Africa, but we are still far from the mark. In 2011 financial inclusion was only 23% but it has practically doubled in almost 5 years (43% in 2017). The FTX Crypto Derivatives Exchange sees this as a real opportunity to grow its market and not only drive the adoption of cryptos, but also appeal to African artists by introducing them to its NFT marketplace.

What is the partnership?

Global exchange FTX has partnered with African financial services leader Aza Finance to strengthen its presence in Africa as crypto users continue to grow. The CEO and Founder of FTX said:

“We are delighted 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 have done across Africa. We look forward to working closely with them, as well as local regulatory bodies, to bring all of our products and services to the African market in a compliant manner. Additionally, we look forward to doing our part locally by supporting the efforts of artists and creators in the community.”

AZA Finance, which offers foreign exchange and payment services in more than 115 countries, intends to bring to Africa the advantages of decentralization and emerging technologies. The sooner the better, especially as the continent’s population is set to double by 2050. Through the voice of its founder and CEO Elizabeth Rossiello, she says:

“Having served these burgeoning companies for years, we know that the next generation of users, creators and builders for the Web3 economy is undoubtedly African. »

This agreement should allow Africa to train and take advantage of the networking that FTX could bring to fully enjoy the Web3 economy, which is booming. Artists will also be able to get into NFTs with an exchange that takes their currencies into account. This agreement could constitute a bridge for Africa in Web3.

A continent fond of cryptocurrencies

The interest of Africans in cryptos is illustrated by an increasingly growing number of users. According to a report recently published by the Kucoin exchange, over a period of one year, the usage of their usage was 2,500% (January 2021 – January 2022). Sub-Saharan Africa’s crypto asset exchanges far exceed Latin America, where some countries like El Salvador have made Bitcoin their legal currency.

The total volume of transactions is 2.8% of those worldwide. An in-depth analysis shows that more than 85% of these transactions are made to transfer money by paying. With a loss of value for local currencies, Africans are increasingly hungry for cryptos and the present association of FTX and AZA Finance should promote their development in the crypto industry and propel them into the metaverse.

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