Blockchain.com opens a Nigerian office as it expands into Africa, targeting nations like Ghana, Kenya, and South Africa with evolving crypto rules.
Blockchain.com is expanding its presence in Africa, focusing on markets where governments are beginning to establish formal crypto regulations.
Bloomberg reported on May 27 that the United Kingdom-based exchange intends to establish a physical office in Nigeria during the second quarter of 2025, which it considers to be its “fastest-growing market” in West Africa.
This move is in addition to its ongoing expansion initiatives in Ghana, Kenya, and South Africa.
Owenize Odia, the general manager for Africa at Blockchain.com, reportedly stated that Nigeria has made significant strides in establishing a transparent framework for cryptocurrency.
The transition is precipitated by a global shift in sentiment, which has been bolstered by political tailwinds from the United States, where President Donald Trump’s pro-crypto posture has facilitated the industry’s growth.
Nigeria, Ghana Are Leaders In Regulation Of Cryptocurrency
Nigeria and Ghana, among others, are making strides toward establishing lawful frameworks for exchanges even though cryptocurrency trading is still restricted in numerous African countries.
Odia stated that the organization is currently concentrating on submitting a license application in Nigeria, which has recently implemented a new securities law on digital assets.
Kenya is currently in the research phase, while Ghana’s central bank has released proposed guidelines that suggest it intends to commence the regulation of crypto platforms by September 2025.
Odia emphasized that these signals of regulatory intent significantly influence Blockchain.com’s expansion decisions across the continent.
The exchange identifies the region’s adolescent population and currency instability as the primary factors driving cryptocurrency adoption.
Cointelegraph contacted Blockchain.com for comment; however, no response was received by the publication deadline.
According to its website, Blockchain.com has 37 million verified users, 92 million wallets, and a transaction volume exceeding $1 trillion.
Blockchain.com completed a funding round in 2022 that resulted in a valuation increase from $5.2 billion to $14 billion less than two months before the Terra ecosystem catastrophe.
Nevertheless, the 2022 valuation of the company was more than halved due to a $110 million Series E financing round in 2023.
South Africa Is Ahead In Crypto Race
South Africa is becoming a leader in the crypto race in Africa, establishing itself as a regional center for digital assets.
Ben Caselin, the chief marketing officer of VALR, a crypto exchange based in Johannesburg, believes South Africa’s robust legal framework and business-friendly environment are an optimal foundation for crypto companies seeking to expand across the continent.
Caselin underscored in a September 2024 interview with Cointelegraph that regulatory clarity is a significant factor in attracting local and international actors to South Africa.
The Financial Sector Conduct Authority (FSCA) has granted licenses to 59 crypto platforms by March 2024, and more than 260 applications are pending review. This indicates that momentum is increasing.
