An important step has been taken to increase financial inclusion in Africa. This initiative is happening through the partnership between global digital payment solutions leader WSPN and innovative fintech company Canza Finance, which focuses on the African market. The stablecoin WUSD and advanced Web3 financial solutions aim to address the currency depreciation issue affecting many African countries. This collaboration targets the unbanked and underbanked population in Africa, leveraging the rapid growth of the region’s internet network.
Stablecoin WUSD and DeFi Solutions
At the core of this initiative is the fully collateralized cryptocurrency WUSD stablecoin. Pegged 1:1 to the US Dollar, this cryptocurrency is integrated into Canza Finance’s ecosystem, enabling the easy conversion of local fiat currencies to WUSD in African markets. This conversion offers a stable tool for various financial transactions such as remittances, payments, and savings, providing a necessary solution against the volatility of local currencies.
Developed by Canza Finance, Baki is the first scalable on-chain adaptation of African currencies aligned 1:1 with central bank rates. This platform not only provides a hedge against the common currency depreciation in many African economies but also boosts trust in digital financial systems among African users.
New Market for Real World Assets
Canza Finance is also launching a Real World Assets (RWA) marketplace supporting over 300 institutions and organizations. This platform aims to provide investors with access to high-quality assets while expanding the market orientation of RWA providers. Consequently, the financial ecosystem strengthens, creating new opportunities for investment and growth in the region.
While WSPN and Canza Finance focus on Africa, the global stablecoin market is also evolving. Notably, giants like State Street are exploring the launch of a USD-backed cryptocurrency and deposit token to record customer deposits on the Blockchain. These initiatives are just a few of the steps being taken to develop Blockchain payment services worldwide.
