Hong Kong-based FTX, Kenya’s AZA Finance Sign Digital Currency Deal

AZA Finance is partnering with FTX, a Hong Kong-based cryptocurrency exchange valued at $32 billion, to expand the use of digital currencies and web3 in Africa.

FTX and AZA are planning to build digital infrastructure to connect African markets to the global web3 economy, according to a joint statement on Wednesday. 

AZA offers Treasury functions and payments in 10 African countries. Web3 is a blockchain-based replica of the World Wide Web.

Additionally, they will expand their non-fungible token trading options on the continent and offer African and digital currency pairs.

Since its founding in Kenya in 2013 by Elizabeth Rossiello, AZA Finance has expanded across Africa, offering currency related services, including the trade of digital currencies via mobile money networks. 

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After raising $400 million in a Series C round announced in January, FTX, founded by Sam Bankman-Fried, reached its valuation. It has become one of the world’s largest crypto exchanges since it was established nearly three years ago.

They aim to take advantage of Africa’s fast-growing population, which is expected to double by 2050, as well as the rapid adoption of digital technologies by Africans who rarely have access to traditional banking services.

Globally, mobile money accounts accounted for almost half of the world’s accounts in 2018, the companies reported.

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