The cryptocurrency exchange FTX collaborated with the fintech company AZA Finance to expand the adoption of cryptocurrencies throughout Africa. Additionally, the two entities will aim to connect the Web3 economy with the countries from the continent.
FTX’s Latest Partnership
One of the largest digital asset trading venues – FTX – continues to strike important deals to popularize its global presence. According to a recent press release, its latest partnership is with the Kenya-based fintech firm – AZA Finance.
The associates outlined five key points they will focus on. First, they vowed to connect African markets to the global Web3 sector by building the necessary infrastructure.
Second, FTX and AZA Finance will create pathways to educate local users about Web3 and certain networking opportunities.
Third, FTX said it will provide its platform to African consumers to allow them to complete transactions in domestic currencies, including mobile money and local bank account integrations.
Fourth, the collaboration will intend to develop African currency and digital currency trading pairs.
Subsequently, the initiative will focus on non-fungible tokens by introducing local NFTs and artists to the broader population of the continent.
Elizabeth Rossiello – CEO and Founder of AZA Finance – said her company is “thrilled” to join forces with FTX, describing the exchange’s CEO – Sam Bankman-Fried – as “exceptional.” In her view, cryptocurrencies, NFTs, and Web3 will be important features in Africa’s future, and the region should embrace similar opportunities.
Speaking on the matter was also Sam Bankman-Fried:
“We are excited 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’ve done across Africa. 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.”
Africa’s Crypto Environment
Africa’s current population is over 1.2 billion people, as most individuals are under 30. Moreover, it is estimated that the number of inhabitants will double between now and 2050, and the majority of them will live in urban areas.
Some presume that these factors will propel further cryptocurrency and digital technology adoption on the continent in the years to come.
In September 2021, Chainalysis revealed that Africa marked a 1,200% increase in incoming crypto volume in one year.
A separate study showed why bitcoin and the altcoins had become such an attractive financial tool on the continent. Per the results, nearly 70% of the local investors delved into the market to provide a better life for their families.
Around 50% allocated their salaries in digital assets to pay for their children’s future education, while 43% invested in crypto to establish a fund to pass on to their relatives. Only 3% admitted having no plan when dealing with the asset class.