To build the Web3 economy on the African continent, crypto exchange FTX has teamed with AZA Finance, the payments provider formerly known as BitPesa.
According to a statement released on Wednesday, the alliance will look into five major areas for Web3 development in Africa, including giving support for deposits and withdrawals utilizing African fiat currencies on the global FTX platform.
The duo will reportedly connect the African markets to the Web3 Space through putting up infrastructure and providing the local users with useful learning on the subject and networking opportunities.
Non-fungible tokens (NFTs) are the fifth area of partnership, with FTX seeking to add African NFT artists to its marketplace.
AZA Finance Is the latest African crypto and payments business to pique FTX’s interest as part of the latter’s attempt to establish a presence on the continent. FTX sponsored a $150 million Series C expansion for African remittance unicorn Chipper Cash in November 2021.
Given the newness of Web3, regulatory certainty is still missing in many African states. Elizabeth Rossiello, founder and CEO of AZA Finance, told The Block that her organization continues to work closely with state agencies on the continent, despite the obstacles caused by the scenario.
“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,” Rossiello stated in a statement to The Block.
“We have stringent controls and are licensed now by central banks and Financial Conduct Authorities on three continents. We are looking forward to partnering with FTX to further expand its presence in Africa. Our strategy is to work closely with all regulators to ensure that any work in the African market in this regard is fully compliant and in the best interest of African users,” Rossiello added.