FTX, a cryptocurrency exchange, valued at $32 billion is set to roll out its operations in Africa. FTX is partnering with East African-based AZA Finance to do this and according to Elizabeth Rossiello, the founder of AZA Finance, it will start in West Africa.
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According to Bloomberg, the Hong Kong-based FTX and AZA, which offers services including Treasury functions and payments in 10 African countries, plan to build digital infrastructure to connect African markets to the global web3 economy. They will also offer African and digital currency pairs and expand trading in non-fungible tokens on the continent.
Both companies seek to capitalize on Africa’s population which is expected to double by 2050, as well as the already rapid adoption of digital technologies by Africans who often have little access to traditional banking services
FTX is a global crypto exchange founded by Sam Bankman-Fried and Gary Wang. The company is a powerhouse in the digital currency sector, having recently announced the close of a $400 million Series C funding round.
AZA Finance, led by CEO and founder Elizabeth Rossiello, is a pioneering force in African fintech, having launched both the African continent’s first digital currency exchange as well as the first digital currency exchange worldwide run by a woman. Offering cutting-edge FX, payments, and financial services, AZA Finance has expanded to 10 African markets to date, executing more than £200 billion in global transactions across 115+ countries and 300+ currency pairs. Last year, AZA Finance further expanded with its most recent acquisition of South African payments company Exchange4Free – making the company the largest non-bank provider of currency exchange in Africa.
Elizabeth Rossiello says the exchange platform will be rolled out in three African countries in the coming months and within two years the two companies hope to operate in all major and secondary markets on the continent.