Canza, a Nigerian web 3.0 crypto trading platform has announced its successful procurement of a $2.3 million funding round.
According to the company, the round would enable the development of its FX DeFi platform, Baki, and also see to the acquisition of licenses from other financial institutions regulators.
In a statement released today, Oyedeji Oluwoye, Co Founder and CTO, Canza Finance, speaking on the funding said the company seeks to boost expansion of infrastructure across Africa.
“We aim to significantly boost infrastructure development, particularly in Africa. With over 50 countries on the continent, our focus is on expanding infrastructure and obtaining necessary licenses in suitable jurisdictions. Additionally, we will drive the growth of our DeFi infrastructure products”.
Canza also revealed its movement to resolve the challenges African businesses like Cameroon, Nigeria and Senegal face in trading across borders and the restraints on international buying and selling, and local businesses making profit from these transactions.
The Nigerian neo bank which has 150 active users claim to process transactions worth $2,000,000 weekly, in March 2022, secured a whopping $3.27 million preseed in funding. This brings its total acquisition of funds to $5.5 million. The last round was led by Polychain capital, and saw participation from Protocol labs, Avalanches Blizzard fund and others.
With the adoption of Baki, the startup’s new system that allows easy exchange of foreign currencies, Canza is optimistic to reduce its transaction fees to 0.2% instead of the initial 1% and it hopes to subdue the dollar using stable coins to assist businesses avoid huge forex charges.
Canza’s Co Founder and CEO, Pascal Ntsama, explained that the goal of Canza is to make financial services accessible to businesses, especially to large companies.