LIST | Canza Finance Is the Only Project From Africa to Be Selected for the First-Ever CoinMarketCap Labs Accelerator Programme
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, aimed to link builders to the world stage. It is a highly selective program created for ambitious founders giving a thorough curriculum and access to industry-leading mentors and investors. Canza Finance is developing the first African currency on-chain foreign exchange platform, offering limitless liquidity at central bank rates. Baki fills a critical gap in these markets by providing a method for hedging against currency devaluation.
The use of real-world assets (RWAs) from their synthetic stable African currencies, known as zTokens, on the Baki exchange is a recurring theme in all of Canza Finance’s products. These include a RWA asset aggregator that provides investors with a smooth investment and management experience and increased market exposure to RWA providers, and an infinite-liquidity FX platform that offers African currencies at central bank rates to their RWA marketplace (which is currently undergoing private testing).
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.
Rush, the CEO of CoinMarketCap, discussed this development with BitKE and stated:
“Canza Finance is a wonderful addition to the CMC Labs incubation programme. Canza Finance’s creative approach to financial solutions for emerging markets and Africa fits very nicely with CoinMarketCap’s goal of promoting significant progress in the cryptocurrency industry. CMC, the “Home of Crypto,” is certain that it can give Canza Finance the information and direction it needs to continue growing.
Oyedeji Oluwoye, CTO and co-founder of Canza Finance, commented on the company’s choice, saying:
“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.