A cryptocurrency startup, canza finance has made it known that it has completed a $3.7 million seed round finance to offer crypto financial services nationwide.



The financial startup was established by former AT$T employees Oluwole and Ntsama. The finance company have in ambition to become a crypto neobank to the global economy.




Right now, the company offers cross-border settlement and treasury management.



The round was led by Fenbushi capital, a blockchain-finance venture firm with Dominance ventures, protocol labs and so many others according to Forbes.



Ntsama, one of the founders and CEO, reported that cross-border settlement is currently the company’s most advanced offering, with roughly $1 million in volume sent weekly to Canada, China, Turkey, UAE, and the US. Later this year, a treasury management services would be launched.



Canza addresses some of the biggest issues Nigerian startup and firms experienced by concentrating on cross-border settlement and treasury management. To help Nigerian enterprises and FX agents in establishing intercontinental transactions, Canza has formed itself as a crypto based hawaladar which partners with companies in different countries as an on ramp/off ramp.



An FX agent or business person takes the Naira equivalent of the payment they want to make to Canza, using a stable coin like USDT, then Canza transfer the dollar equivalent to its off ramp/on ramp partner in the destination country. It will then deliver the payment in flat to the seller.



Ntsama one of the founder commented “We’re investing heavily on legal, bringing on a compliance manager working with a combination of legal firms in different territories and going after specific licenses, such as PSSP licenses in Nigeria and a money transmitter license in the US”.




On a recent note, Nestcoin, Nigeria’s investment firm, made it known to the public that it had raised $6.4 million in a presented funding round led by Venture capital firm Distributed Global and Alter Global and others in the funding round.