(Bloomberg) — FTX, a cryptocurrency exchange that’s been valued at $32 billion, is partnering with AZA Finance to expand the use of digital currencies and the web3 in Africa.
The Hong Kong-based exchange 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 said in a joint statement on Wednesday. Web3 mirrors the world wide web using blockchain technology.
They will also offer African and digital currency pairs and expand trading in non-fungible tokens on the continent.
AZA Finance was founded in Kenya in 2013 by Elizabeth Rossiello and has expanded across Africa, offering a range of currency related services including the trade of digital currencies through mobile money networks.
FTX, founded by Sam Bankman-Fried, reached its valuation after raising $400 million in a Series C round announced in January. Established nearly three years ago, it has become one of the world’s largest crypto exchanges.
The companies seek to capitalize on Africa’s fast-growing 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.
In 2018, almost half of the world’s mobile money accounts were in Africa, the companies said.
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