African crypto startup Canza Finance has secured a $2.3 million funding boost to fuel its mission of making cross-border trade smoother and cheaper across the continent.
This strategic investment, led by Polychain Capital and backed by Protocol Labs and others, will primarily target the development of Canza’s flagship stablecoin exchange, Baki.
Baki aims to tackle two major hurdles faced by African businesses: limited access to foreign exchange and volatile exchange rates.
By creating “zTokens” pegged to African currencies like the Nigerian Naira and the South African Rand, Baki offers a stable and decentralized alternative to traditional forex markets.
Businesses can swap zTokens within the Baki platform, eliminating the need for expensive intermediaries and opaque exchange rates.
Canza’s vision extends beyond Baki. The funding will also be used to bolster infrastructure development across Africa, obtain necessary licenses in key jurisdictions, and expand DeFi product offerings.
With a focus on markets like Nigeria, Cameroon, Senegal, and the United States, Canza is actively building partnerships with on-ramp and off-ramp providers to facilitate seamless fiat-to-crypto conversions.
Canza isn’t alone in this space. Helicarrier’s Desk service offers similar cross-border settlement solutions. However, Canza’s Baki stands out by offering a DeFi-powered platform with its own synthetic currency ecosystem.
“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,” says Co-Founder and Chief Technology Officer Oyedeji Oluwoye.
The biggest challenge lies in gaining widespread adoption. Canza needs to convince businesses and financial institutions to embrace zTokens and integrate them into their operations. Regulatory hurdles across different African countries add another layer of complexity.
Despite the challenges, Canza’s strategic funding and innovative approach offer a glimpse into a future where African businesses can trade across borders with greater ease and transparency.
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