Blockchain.com Expands in Africa, Opens Nigeria Office

Blockchain.com is stepping up its presence in Africa, targeting markets where governments are beginning to implement crypto regulations.

The UK-based exchange plans to open a physical office during the second quarter in Nigeria — its “fastest-growing market” in West Africa — along with broader expansion efforts in Ghana, Kenya and South Africa, according to a May 27 report by Bloomberg.

“Nigeria has taken meaningful steps toward creating a clear framework for crypto,” Owenize Odia, Blockchain.com’s general manager for Africa, reportedly said.

The move comes as global sentiment shifts, including political tailwinds from the United States, where President Donald Trump’s pro-crypto stance has encouraged industry expansion.

Related: Hedera Africa Hackathon launches with $1M prize pool and Web3 focus

Nigeria and Ghana lead in crypto regulation

While cryptocurrency trading remains restricted in many African countries, some, including Nigeria and Ghana, are taking steps toward creating legal frameworks for exchanges.

Odia said the company is prioritizing a license application in Nigeria, which recently enacted a new securities law covering digital assets.

Ghana’s central bank released draft guidelines indicating plans to begin regulating crypto platforms by September 2025, while Kenya is still in the research phase.

Odia added that such signals of regulatory intent are key to Blockchain.com’s expansion decisions. The exchange sees the region’s youthful population and currency instability as factors fueling crypto adoption.

Cointelegraph reached out to Blockchain.com for comment but did not receive a response by publication.

Blockchain.com claims 37 million verified users, 92 million wallets and over $1 trillion in transaction volume, according to its website.

In 2022, Blockchain.com closed a funding round that saw its valuation spike from $5.2 billion to $14 billion less than two months before the collapse of Do Kwon’s Terra ecosystem.

However, a $110 million Series E financing round in 2023 more than halved its 2022 valuation

Related: Ethiopia in the global Bitcoin mining spotlight: AMA with UMINERS

South Africa leads in crypto race

South Africa is emerging as a frontrunner in Africa’s crypto race, with the country positioning itself as a regional hub for digital assets.

According to Ben Caselin, chief marketing officer at Johannesburg-based crypto exchange VALR, South Africa’s strong legal infrastructure and business-friendly environment make it an ideal launchpad for crypto companies looking to expand across the continent.

In a September 2024 interview with Cointelegraph, Caselin emphasized that regulatory clarity is a major factor drawing both local and international players to South Africa.

Momentum continues to build, with the Financial Sector Conduct Authority (FSCA) approving 59 crypto platform licenses by March 2024, as over 260 applications remain under review.

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story