• With the AZA Finance Link in Africa, FTX expands its global presence

  • Exchange of cryptocurrencies FTX expanded its global reach by partnering with AZA Finance, an African fintech startup, to increase access to digital currencies and promote Web 3 adoption on the African continent.

    The arrangement was announced a day after FTX Europe claimed that it had become the first company to be granted a license to operate a cryptocurrency exchange in Dubai.

    According to an emailed statement on Wednesday, FTX intends to create African and digital currency trading pairings, as well as collaborate with AZA to make it easier to deposit cryptocurrencies and pay out in African currencies.

    According to the announcement, AZA Finance, based in Nairobi, Kenya, established the continent’s first digital currency exchange. It provides foreign exchange, payments, and financial services in ten African countries.

    In Chainalysis’ 2021 research, Africa has the smallest cryptocurrency economy of any region evaluated. This leaves room for development: According to the survey, the continent’s cryptocurrency market surged by more than 1,200 percent in a year.

    “After years of serving these thriving firms, we know that the next generation of users, creators, and builders for the Web 3 economy is unquestionably African,” said AZA Finance CEO Elizabeth Rossiello in a statement.

    FTX and AZA, both established in the Bahamas, intend to create infrastructure, develop educational resources, and offer networking opportunities to encourage Web 3 use on the continent.

    Local NFT (non-fungible token) projects and artists will be drawn to the FTX NFT marketplace, according to the companies.

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