CANZA FINANCE SUCCESSFULLY RAISES $2.3 MILLION IN STRATEGIC FUNDING ROUND TO FUEL DEFI INNOVATIONS IN AFRICA.
In a recent development, Canza Finance, a pioneering Web3 neobank, has successfully concluded a strategic funding round, securing $2.3 million in investments. The leading investor in this round is Polychain Capital, and several other prominent backers also participated.
Polychain Capital spearheaded the investment, and notable contributors include Protocol Labs, Avalanche’s Blizzard fund, 99 Capital, Stratified Capital, Hyperithm, and other key players. The capital raised will be instrumental in advancing the development of Canza’s decentralized financial technology, known as Baki.
Canza Finance, with its focus on decentralized cross-border payments for Africans, aims to utilize the funds to enhance the capabilities of Baki. The primary objective is to offer businesses more cost-effective access to foreign exchange rates and promote increased intra-African trade.
The limitation in access to forex liquidity and currency swaps within Africa poses challenges for utilizing United States dollar-based services in economies dependent on imports. Canza is addressing this obstacle by introducing a suite of products, starting with Baki, designed to facilitate decentralized foreign exchange for African currencies.
Baki, built on the Avalanche platform, aims to enable slippage-free swaps at central bank rates. This innovative approach will empower businesses with more affordable access to foreign exchange, ultimately fostering greater intra-African trade.
Avalanche’s unique features, such as minimal transaction fees and near-instant time-to-finality, provide a solid foundation for Baki to establish itself as the first synthetic DeFi market for African stablecoins. This aligns with Avalanche’s broader vision of advancing on-chain finance in the institutional sphere and promoting blockchain adoption in emerging markets.
Oyedeji Oluwoye, Co-founder and CTO of Canza Finance, expressed the company’s mission to significantly contribute to infrastructure development in Africa. With a focus on expanding infrastructure and obtaining necessary licenses in suitable jurisdictions, Canza aims to drive the growth of its DeFi infrastructure products.
The General Partner at Polychain Capital expressed excitement about being part of Canza Finance’s recent funding round. Recognizing Canza Finance’s expert team and advanced technical capabilities, Polychain Capital believes that Canza has the potential to address significant challenges in commerce for Africa’s growing population.
Blizzard, the Avalanche Fund, also voiced enthusiasm for supporting Canza Finance in addressing challenges of inflation, financial instability, and barriers to accessing financial services in Africa. Canza Finance is expected to provide solutions for businesses and individuals, facilitating improved cryptocurrency onramps, cross-border settlements, DeFi opportunities, and more. Additionally, Canza Finance becomes a foundational project for Avalanche in Africa, expanding the Avalanche community in the region.
From The News Source: Techeconomy.
