CrAza

How it works

A customer holds a wallet of digital dollars. A shop takes naira. CrAza is the technology in between, and the party that settles the naira.

  1. A customer tops up their wallet

    A customer adds digital dollars to their CrAza wallet by transferring to the address the app shows them. These are USDT, a stablecoin whose value tracks the US dollar. The asset is custodied by Quidax, an exchange registered with the Securities and Exchange Commission of Nigeria. CrAza does not hold private keys.

  2. They scan the shop’s code

    Every approved shop has a QR code. The customer scans it and enters the amount, or the shop generates a code for a specific amount. CrAza shows the naira price and the rate it is based on before anything is confirmed.

  3. They confirm with a PIN

    On confirmation the customer’s balance is debited and the shop is credited the full naira amount. This is a single database transaction: it either happens completely or not at all, and it is final immediately. The shop is alerted by push notification and SMS at that moment.

  4. CrAza converts and settles

    Separately, and on its own schedule, CrAza sells the equivalent USDT through Quidax, which pays naira into CrAza’s Nigerian bank account. This happens after the purchase and never delays it.

  5. The shop is paid to their bank

    CrAza transfers the naira the shop is owed to the Nigerian bank account they registered, through a licensed Nigerian payment provider. The shop sees an ordinary bank credit.

What CrAza does, and what it does not

CrAza does

  • Operate the app, the merchant QR codes and the transaction ledger.
  • Quote each purchase in naira and record it.
  • Hold customer balances, with the asset custodied at a licensed exchange.
  • Settle naira to Nigerian merchants for goods they have sold.

CrAza does not

  • Operate an exchange or offer trading of any kind.
  • Let customers buy or sell digital assets.
  • Let customers cash out to naira. A balance is spent at shops, or withdrawn as the asset itself.
  • Provide foreign exchange services or money transfer.
  • Offer any investment, interest or return. A balance is money you already hold, waiting to be spent.

Who holds what

The digital asset backing a customer’s balance is held at Quidax, which is registered with the Securities and Exchange Commission of Nigeria. Naira owed to merchants is held in CrAza’s Nigerian bank account and paid out through a licensed Nigerian payment provider. CrAza does not operate as a bank and does not take deposits.

Private pilot, invite only. Access is by invitation while we test the product with a small number of customers and shops.