Canza Finance, a Nigerian cryptocurrency startup , announced on Wednesday that it completed a $3.27 million seed round financing to offer crypto financial services across the country.

Canza, founded by former AT&T employees Pascal Ntsama and Oyedeji Oluwole, aims to become a crypto neobank that connects African businesses to the global economy. Currently, the company offers cross-border settlement.

Fenbushi Capital, a blockchain-focused venture firm, led the round with Dominance Ventures, Hashkey Capital, Boxing Ventures, Consensys, Protocol Labs and others participating, Forbes reported.

According to Ntsama, the company's CEO, cross-border settlement is currently the company's most advanced offering, with roughly $1 million in volume sent weekly to Canada, China, Turkey, United Arab Emirates and the United States. Later this year, a treasury management service will be launched.

Canza addresses some of the biggest challenges Nigerian enterprises faced by focusing on cross-border settlement and treasury management. To assist Nigerian businesses and FX agents in settling international transactions, Canza has established itself as a crypto-based hawaladar, which partners with companies in different countries as an on-ramp/off-ramp.

An FX agent or businessperson takes the Naira equivalent of the payment they wish to make to Canza. Using a stablecoin like USDT, Canza then transfers the dollar equivalent to its off-ramp/on-ramp partner in the destination country, who then delivers the payment in fiat to the seller.

"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 a PSSP license in Nigeria and a money transmitter license in the US," Ntsama commented.

Source: https://www.financemagnates.com/cryptocurrency/canza-raises-327m-to-offer-crypto-financial-services-in-nigeria/

Source: https://www.forbes.com/sites/oluwaseunadeyanju/2022/03/23/nigerian-crypto-startup-canza-raises-327-million-for-its-international-payment-service/amp/

CC: Mynd44 Lalasticala

Hmmmm.....CBN right now.

Hit Like if you are already smelling the bull run

Alexpre11:
Hit Like if you are already smelling the bull run

What alt coin are you chasing.
4me I have one bag #floki

Quiny32323:


What alt coin are you chasing.
4me I have one bag #floki

tera, pibull, shinja, Shihtzu,

Mide3367:
tera, pibull, shinja, Shihtzu,

Okay nice one