FTX partners African payment company, AZA Finance to grow Web3 economy in Africa

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FTX partners African payment company, AZA Finance to grow Web3 economy in Africa | Nairametrics nairametrics.com/2022/03/16/ftx-partners-african-payment-company-aza-finance-to-grow-web3-economy-in-africa/

10 sats \ 19 comments \ @KenyaCoin 17 Mar 2022 bitcoin

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10 sats \ 3 replies \ @goon_retired_acc 17 Mar 2022

Who would have thought that the unscrupulous Web3 scammers are now also squeezing their victims in Africa.

Disgusting.

0 sats \ 1 reply \ @KenyaCoin OP 17 Mar 2022

There's been little progress punching through the resistance put up by the central banks. Thus the incredible levels of P2P trading (per-capita) in many countries on the continent.

This move by FTX may be under the pretense of being a "Web3" or "NFT" whatever (since who wants to block African artists from being able to sell their creations abroad?), but make no mistake -- this is about FTX leveraging the same mobile money rails that every other Fintech and "crypto" venture has resigned themselves to using.

Building an economy for creators with education and marketplaces (or whatever FTX and AZA had to agree to do) was simply the cost of doing business in order to get the OK to access the mobile money networks (of which, ... it's doubtful they really have any true guarantees).

The upside is that no matter the reason, as more and more people use and/or hold bitcoin (and yes, stablecoins, and other tokens / whatever), they will add pressure to their governments to lessen or eliminate the central bank's resistance to "cryptocurrencies". At the same time, a circular economy forms (as when you earn in bitcoin, you spend in bitcoin), disintermediating the central bank, regardless of their stance.

So, ... please just "hold your nose" on this one. It's very likely to end up becomign a net gain, more so than a net loss -- for the people, as well as for bitcoin.

0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 13 replies \ @KenyaCoin OP 17 Mar 2022

FTX and AZA Finance also plan to launch African digital currency trading pairs.

AZA Finance, formerly BitPesa, was founded in Nairobi, Kenya and was established in 2013. The company is the latest African crypto and payments company to attract interest from FTX in the latter’s push to establish a footprint on the continent.

0 sats \ 11 replies \ @KenyaCoin OP 17 Mar 2022

Another article on the announcement:

Given the emerging nature of the web3 space, regulatory clarity is still lacking in many jurisdictions in Africa. Commenting on the problems posed by this situation, Elizabeth Rossiello, founder and CEO of AZA Finance, told The Block that her company continues to work closely with state agencies on the continent.

“We have stringent controls and are licensed now by central banks and Financial Conduct Authorities on three continents. We are looking forward to partnering with FTX to further expand its presence in Africa. Our strategy is to work closely with all regulators to ensure that any work in the African market in this regard is fully compliant and in the best interest of African users,”

FTX partners with African payments company AZA Finance to boost web3 adoption https://www.theblockcrypto.com/linked/137999/ftx-partners-with-african-payments-company-aza-finance-to-boost-web3-adoption https://archive.ph/snDYj <-- Archive of the article from The Block, which might be easier to read

0 sats \ 9 replies \ @KenyaCoin OP 17 Mar 2022

Here's the Press Release:

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.

Together the companies will work to expand Web3 in Africa in five key ways:

Connect African markets to the global Web3 economy by building vital infrastructure

Create pathways for African users to participate and learn about the Web3 economy including educational resources & networking opportunities

Make it easier than ever to deposit and pay out in African currencies on FTX.com, including mobile money and local bank account integrations

Launch African currency and digital currency trading pairs

Onboard African NFTs and artists to the FTX NFT marketplace

"As one of Africa’s first fintechs, operating for over 8 years with a team of more than 200 people from Dakar to Lagos to Kampala, we have the deepest knowledge on how to build a truly continental platform."

FTX Announces Partnership With AZA Finance To Expand Web3 In Africa https://azafinance.com/aza-ftx-partnership

0 sats \ 7 replies \ @KenyaCoin OP 17 Mar 2022

The video that accompanied the press release:

FTX Announces Partnership with AZA Finance to Expand Web3 in Africa

0 sats \ 5 replies \ @KenyaCoin OP 17 Mar 2022

An article from Bloomberg:

In 2018, almost half of the world’s mobile money accounts were in Africa, the companies said.

Crypto Exchange FTX Partners With Kenya Firm to Expand in Africa https://www.bloomberg.com/news/articles/2022-03-16/crypto-exchange-ftx-partners-with-kenya-firm-to-expand-in-africa https://archive.ph/z7tU9 <-- An archive, which may be easier to read

0 sats \ 3 replies \ @KenyaCoin OP 17 Mar 2022

And an article from CoinDesk:

The agreement was announced a day after FTX Europe said it became the first firm to receive a license to operate a crypto exchange in Dubai.

The companies plan to attract local NFT (non-fungible token) projects and artists to the FTX NFT marketplace.

FTX Boosts Global Presence With AZA Finance Link in Africa https://www.coindesk.com/business/2022/03/16/ftx-strengthens-global-presence-with-aza-finance-link-in-africa https://archive.ph/zMZnH <-- An archive, which may be easier to read

0 sats \ 1 reply \ @KenyaCoin OP 17 Mar 2022

We support multiple currencies AZA Finance facilitates FX, Payments & Treasury services directly between the following currencies:

AED 🇦🇪

EUR 🇪🇺

GBP 🇬🇧

GHS 🇬🇭

JPY 🇯🇵

KES 🇰🇪

MAD 🇲🇦

NGN 🇳🇬

USD 🇺🇸

UGX 🇺🇬

XOF

ZAR 🇿🇦