TechFlow reports that Canza Finance, a crypto startup, has launched Baki, a stablecoin platform on Avalanche aimed at supporting multiple fiat currencies across Africa and enabling slip-free foreign exchange swaps.
Baki is an infinite liquidity FX protocol that allows for slippage-free exchanges between African currencies. The protocol enables users to deposit stablecoins and mint over-collateralized synthetic assets (called zTokens) pegged to African currencies, marking the first on-chain implementation of African stablecoins.
With Baki, any zToken can be burned to mint an equivalent value of another zToken in a different currency. Currently, Baki supports minting US dollars (zUSD), Nigerian naira (zNGN), West African CFA franc (zCFA), and South African rand (zZAR). All FX conversions are provided at central bank exchange rates, allowing users to access dollar markets at the best possible rates.
In addition, Baki is backed by USDC, giving it strong liquidity and low costs. The platform opens new possibilities for African foreign exchange trading and aims to attract advanced DeFi users.
