AZA, an African Finance Company partners with FTX to build Web3 economy in Africa

AZA, an African Finance Company partners with FTX to build a Web3 economy in Africa

To build the web3 economy on the African continent, FTX, one of the largest crypto exchanges by trading volume, has collaborated with AZA Finance, a cryptocurrency-focused payment service company formerly known as BitPesa.

The cooperation will investigate five critical areas for web3 development in Africa, according to the release, including support for deposits and withdrawals in African fiat currencies on the global FTX platform.

The collaboration will also aid in the development of Africa's web3 infrastructure, as well as provide useful learning and networking opportunities for participants in the region. African digital currency trading pairs are also planned by FTX and AZA Finance.

AZA Finance, formerly known as BitPesa, was formed in 2013 in Nairobi, Kenya. The firm is the latest African crypto and payments firm to pique FTX's interest as part of the latter's efforts to build a presence on the continent.

FTX sponsored a $150 million Series C expansion for African remittance unicorn Chipper Cash in November 2021.

The cooperation will also include a non-fungible token (NFT) collaboration, with FTX seeking to integrate African NFT artists into its marketplace to assist expand the African NFT ecosystem.

Although it is encouraging to see well-known cryptocurrency firms such as FTX invest in African cryptocurrency firms, the regulatory environment surrounding cryptocurrencies in Africa is largely lacking and uncertain, posing the risk of business disruption in the event of a total ban in the country or region.

What they have to say:

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 have stringent controls and are now licensed by central banks and Financial Conduct Authorities on three continents," Elizabeth Rossiello continued. We're excited to work with FTX to help them develop their presence in Africa." Our objective is to collaborate closely with all regulators to guarantee that any work done in this area in the African market is compliant and in the best interests of African users."