More
    HomePartner ContentCanza Finance Expands into DeFi with Baki Launch on Avalanche C-Chain

    Canza Finance Expands into DeFi with Baki Launch on Avalanche C-Chain

    Published on

    spot_img

    In a significant development, Canza Finance has marked its foray into the decentralized finance (DeFi) realm with the successful launch of Baki on Avalanche C-Chain during the fourth quarter of 2023. The move represents a pivotal moment for Canza Finance, signifying a strategic shift from its African-focused Over-The-Counter (OTC) trading desk to the world of decentralized finance.

    Baki’s Impressive Performance and Traction

    Since its launch on Avalanche C-Chain, Baki has garnered substantial traction, achieving an impressive transaction volume exceeding 360,000 USDC in the fourth quarter of 2023. The success of Baki is crucial for Canza Finance’s overarching vision of transforming into a web-3 investment bank.

    This expansion into the DeFi space positions Canza Finance as a key player in the emerging landscape, showcasing confidence in the network integration, smart contract functionality, tokenomics, and user interface performance.

    Strategic Efforts to Scale Baki’s Liquidity

    Canza Finance is actively working on scaling Baki’s liquidity, with plans to leverage the Canza Token Treasury Reserve and collaborate with liquidity providers. The goal is to increase USD Stable Coin liquidity, with Baki’s cumulative liquidity currently standing at 74,000 USDC. To achieve this, Canza Finance plans to utilize a significant portion of the Canza Token Treasury Reserve to fortify the zUSD — USDC pool.

    Baki’s revenues, derived from a 0.80% trading fee, will be distributed with 50.00% to minters, 25.00% to $CNZA token stakes (coming soon), and 25.00% to the development wallet. Anticipating liquidity contributions from the $CNZA token and exploring opportunities with Web-3 Liquidity Providers Firms, OTC Partners, and Stablecoin projects, Canza Finance aims to secure substantial liquidity for Baki by the second quarter of 2024.

    Baki’s Impact on the African FX Market

    Beyond the world of DeFi, Canza Finance continues its operations in the traditional FX market. The OTC Desk achieved approximately USD 5.2 million in transactional volume during Q4 2023, despite recent FX shocks affecting the Nigerian Naira market. The company successfully expanded its reach into new markets, including Cameroon, the Democratic Republic of Congo, Senegal, and South Africa.

    With plans for further expansion into East Africa, particularly Kenya and Uganda, Canza Finance is poised for growth in 2024. The company is also in the process of obtaining Class R, S, and M virtual Asset licenses from the Mauritius Financial Service Commission and leveraging its Money Service Business License from the U.S and Bureau De Change License from Nigeria.

    Future Prospects and Community Remodeling

    As Baki secures substantial liquidity, Canza Finance envisions the organic formation of a community that includes traditional FX Agents, OTC Partners, and their respective client bases. The focus is on leveraging the existing ecosystem of FX agents and OTC partners to act as exchange points for zTokens to their fiat equivalents.

    In anticipation of a surge in retail Forex traders seeking fairer market conditions, Canza Finance is extending Baki’s user interface to mobile platforms, aligning with current retail trader behavior across the continent.

    With these strategic moves, Canza Finance is positioning itself at the forefront of both traditional and decentralized finance, marking a significant chapter in its journey as a financial services provider.

    Latest articles

    $500K Up for Grabs: Moroccan Diaspora’s MFounders Targets High-Potential Startups

    The club will focus on startups requiring initial funding between $50,000 and $500,000, addressing a critical need in the funding landscape for early-stage ventures.

    Nigerian Stocks Go Mobile: NGX Invest Opens Stock Market to Everyone

    The platform’s launch is timely, coinciding with the Central Bank of Nigeria’s (CBN) recapitalization directive, which has spurred numerous offers for subscription and rights announcements by Nigerian banks.

    South African Safetech Startup AURA Raises $1.1M Bridge Round to Democratize Safety

    The technology platform enables users to access the nearest vetted private security and medical response units through connected devices.

    Fuzé Investment Series: Togolese Media Startup Makifaa Secures Funding

    Founded in in 2023 by Doris DJAGLO and Jean Pignan, Makifaa’s unique approach blends the creative talents of local photographers with cutting-edge artificial intelligence (AI) to deliver personalized media solutions within an impressive 48-hour timeframe.

    More like this

    $500K Up for Grabs: Moroccan Diaspora’s MFounders Targets High-Potential Startups

    The club will focus on startups requiring initial funding between $50,000 and $500,000, addressing a critical need in the funding landscape for early-stage ventures.

    Nigerian Stocks Go Mobile: NGX Invest Opens Stock Market to Everyone

    The platform’s launch is timely, coinciding with the Central Bank of Nigeria’s (CBN) recapitalization directive, which has spurred numerous offers for subscription and rights announcements by Nigerian banks.

    South African Safetech Startup AURA Raises $1.1M Bridge Round to Democratize Safety

    The technology platform enables users to access the nearest vetted private security and medical response units through connected devices.