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Nigerian Crypto Startup Raises $2.3 Million in Strategic Funding Round

January 18, 2024 | by stockcoin.net

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Nigerian crypto startup, Canza Finance, has recently announced the successful closure of a strategic funding round, raising a total of $2.3 million. The funds will be utilized to acquire operating licenses from various African regulators, including a foreign exchange license and three virtual asset licenses from Mauritius’ Financial Service Commission. Additionally, Canza Finance plans to obtain a money services business license from U.S. regulators. The startup also aims to allocate a portion of the funding to develop its decentralized finance platform, Baki. With the goal of lowering the cost of doing business, Canza Finance aspires to provide small businesses with easier access to financial services typically reserved for larger corporations.

Lowering the Cost of Doing Business

The Nigerian crypto startup, Canza Finance, recently announced the closure of a $2.3 million strategic funding round. This fundraise was led by Polychain Capital and saw the participation of key investors such as Protocol Labs, Ava Labs, 99 Capital, and Stratified Capital. With this new round of funding, Canza Finance aims to acquire operating licenses from different African regulators in order to lower the cost of doing business.

Nigerian Crypto Startup Raises $2.3 Million in Strategic Funding Round

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Securing a Strategic Fund Raise

Canza Finance successfully secured a $2.3 million strategic fund raise, bringing the total capital raised by the startup to $5.5 million. This fundraise was crucial for the company’s plans to obtain operating licenses and develop its decentralized finance (defi) platform, Baki. The participation of Polychain Capital and other notable investors highlights the belief in Canza Finance’s vision for revolutionizing access to financial services in Africa.

Participation of Key Investors

The strategic funding round was led by Polychain Capital, a prominent cryptocurrency-focused investment firm. In addition to Polychain Capital, other key investors who participated in the round include Protocol Labs, Ava Labs, 99 Capital, and Stratified Capital. The involvement of these investors not only provides Canza Finance with the necessary funds but also showcases the confidence in the startup’s potential to disrupt traditional financial systems in Africa.

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Plans for License Acquisition

Canza Finance has outlined its plans to acquire multiple operating licenses from African financial regulators. In Nigeria, the startup aims to obtain a foreign exchange license and three virtual asset licenses from Mauritius’ Financial Service Commission. Additionally, Canza Finance intends to secure a money services business license from U.S. regulators. These licenses will not only allow Canza Finance to operate legally but also enable it to provide a wide range of financial services to its users.

Obtaining Licenses from African Regulators

One of Canza Finance’s key objectives is to acquire operating licenses from various African regulators. By doing so, the startup aims to establish a solid foundation for its operations and demonstrate compliance with regulatory requirements. This approach ensures that Canza Finance can offer its users a safe and regulated environment for conducting financial transactions.

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Acquiring Foreign Exchange License in Nigeria

Canza Finance plans to obtain a foreign exchange license from Nigerian regulators. This license will enable the startup to facilitate foreign currency transactions, making it easier for businesses and individuals to engage in cross-border trade. By offering this service, Canza Finance aims to enhance financial inclusivity and contribute to the growth of the Nigerian economy.

Obtaining Virtual Asset Licenses from Mauritius’ Financial Service Commission

The startup also intends to secure three virtual asset licenses from Mauritius’ Financial Service Commission. These licenses will allow Canza Finance to operate as a trusted provider of digital asset services, including cryptocurrency trading and custody. By obtaining these licenses, Canza Finance can cater to the growing demand for digital asset services in Africa, offering users a secure and regulated platform for their cryptocurrency transactions.

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Securing a Money Services Business License from U.S. Regulators

Canza Finance aims to obtain a money services business license from U.S. regulators. This license will enable the startup to offer a wide range of financial services, including money transfers, payment processing, and currency exchange. By acquiring this license, Canza Finance can expand its reach and provide its services to users in the United States, further strengthening its position in the global financial market.

Goals of the Startup

Canza Finance has set ambitious goals for itself, focusing on lowering the cost of doing business in Africa. By acquiring the necessary licenses and developing its defi platform, Baki, the startup aims to provide affordable and accessible financial services to small businesses and individuals. Canza Finance believes that by leveraging blockchain technology and decentralized finance, it can empower entrepreneurs and contribute to the economic growth of the African continent.

Overall, the successful closure of the $2.3 million strategic funding round and the planned acquisition of operating licenses demonstrate Canza Finance’s commitment to revolutionizing the financial landscape in Africa. With the support of key investors and a clear vision of its goals, Canza Finance is well-positioned to lower the cost of doing business and contribute to the economic development of the African continent.

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