FTX partners with AZA Finance to push Web3, NFTs and cryptocurrencies in Africa

Crypto exchange FTX announced the start of a partnership with AZA Finance, whose objective is to “expand the adoption of Web3 and digital currencies throughout Africa,” including also non-fungible tokens (NFTs).

A statement released by AZA Finance said the two companies will work to “create pathways for African users to participate and learn about the Web3 economy including educational resources & networking opportunities.” The statement added that the two firms are also hoping to “Make it easier than ever to deposit and payout in African currencies on FTX.com, including mobile money and local bank account integrations.”

Elizabeth Rossiello, the CEO and founder of AZA Finance, said her company was ready to help FTX expand its footprint across the African continent.

“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. After serving these booming enterprises for years, we know that the next generation of users, creators & builders for the Web3 economy is undoubtedly African,” she added.

AZA Finance, which operates in 10 African countries, offers foreign exchange, payments, and financial services. It has also executed global transactions valued at over $260 million “across 115+ countries and 300+ currency pairs,” the statement said.

AZA Finance’s track record in Africa, as well as the experience of Rossiello and her team, were some of the factors which prompted FTX to start the partnership, Sam Bankman-Fried, CEO and Founder of FTX, is quoted explaining.

“We look forward to working closely with them, and the local regulatory bodies, to bring all of our products and services to the African market in a compliant way. Additionally, we look forward to doing our part locally by supporting efforts by artists & creators in the community,” he explained.

In addition to building the Web3 infrastructure, the two companies said they will work to “onboard African NFTs and artists onto the FTX NFT marketplace,” the statement said. They will also launch African currency and digital currency trading pairs.

Recently, FTX’s European and Middle East affiliate (FTX Europe & MENA) announced it had been licensed to establish and operate Virtual Asset Exchange and Clearing House services in Dubai, United Arab Emirates. Along with Binance, the crypto giant is setting up the stage for a major push in the Middle East and North Africa region.