CoinMarketCap has announced the selection of Canza Finance as an incubatee of its new CMC Labs accelerator program making it one of a handful of companies selected for the program.
CMC Labs is CoinMarketCap’s Web3 startup accelerator program, designed to connect builders to the global stage. It is a highly selective program designed for ambitious founders offering a comprehensive curriculum and access to industry-leading mentors and investors.
Canza Finance is building the first on-chain FX platform for African currencies, providing infinite liquidity at Central Bank rates. Baki offers a solution for hedging against currency devaluation, addressing a crucial need in these markets.
A common theme among products developed by Canza Finance is the utilization of real-world assets (RWAs) from their synthetic stable African currencies called zTokens utilized on the Baki exchange: an infinite-liquidity FX platform that offers African currencies at central bank rates to their RWA marketplace (still in private testing), and an RWA asset aggregator that offers seamless investment and management experience for investors and enhanced market exposure to RWA providers.
This makes data a vital resource if Canza Finance must achieve its goal of providing cutting-edge services and products globally – with a keen interest in emerging markets.
CoinMarketCap’s leading position in the crypto space, with a global community of over 64 million active users, makes it a key contributor to driving the adoption of RWA and DeFi globally and in African and emerging market.
Speaking to BitKE about this development, Rush, CEO of CoinMarketCap, said:
“We are pleased to welcome Canza Finance to the CMC Labs incubation program. Canza Finance’s innovative approach to financial solutions for Africa and Emerging Markets aligns well with CoinMarketCap’s mission to drive impactful advancements in the crypto space. As the Home of Crypto, CMC is confident in providing the data and guidance that Canza Finance needs for further growth.”
Commenting on the company’s selection, Oyedeji Oluwoye, Co-Founder and CTO of Canza Finance, said:
“Canza Finance’s acceptance into the CMC Labs incubator validates our focus on real-world solutions for the economies that need it most. CoinMarketCap’s industry expertise and data resources will be instrumental in maximizing Canza’s impact within the economies we serve and the global crypto ecosystem at large.
We are honored to be chosen for this program and we ask you to be on the watch for all the exciting projects and solutions coming your way soon!”
In January 2024, Canza Finance raised $2.3 million to expand Baki, its African DeFi platform for foreign exchange which leverages stablecoins to facilitate currency swapping for businesses without incurring significant forex fees.
FUNDING | Canza Finance Raises $2.3 Million to Expand Baki, its African DeFi Platform for Foreign Exchange
With #Baki, Canza leverages stablecoins – digital currencies pegged to the dollar – to facilitate currency swapping for businesses without incurring significant forex fees.… pic.twitter.com/McIJC0WSC2
— BitKE (@BitcoinKE) January 17, 2024
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