Blockchain.com announced that it will open a physical office in Nigeria in the second quarter of this year.
The company is also planning broader expansion efforts in Ghana, Kenya, and South Africa. This move comes as African governments begin to lay out clearer rules for digital assets and crypto trading.
According to Owenize Odia, Blockchain.com’s general manager for Africa, Nigeria has made significant progress toward creating a transparent framework for crypto, Bloomberg reported.
Nigeria as a Growth Hub
Blockchain.com identified Nigeria as its fastest-growing market in West Africa. By establishing a local office, the exchange aims to support its growing user base and deepen its ties with regulators.
A new investment law that permits cryptocurrency exchange licensing was just passed in Nigeria. This change has drawn several international businesses hoping to establish themselves in the most populous economy in Africa.
As part of its strategy, Blockchain.com will engage with local banks and business partners to ensure smooth operations once the office opens.
Regulatory Changes Across the Region
While Nigeria has moved forward with a licensing regime, other African countries are still shaping their approaches. In Ghana, the central bank has released draft guidelines that suggest it will begin regulating cryptocurrency platforms by the end of September 2025.
In Kenya, authorities are studying how to oversee crypto and have not yet finalised any rules. These emerging regulatory frameworks are driving Blockchain.com’s decision to expand.
By positioning itself early in markets that are adopting clear rules, the exchange hopes to benefit from growing demand and build trust with local regulators.
South Africa’s Role
South Africa has positioned itself as a leading hub for digital assets on the continent. The country’s strong legal system and business-friendly environment make it an attractive base for crypto firms.
Ben Caselin, chief marketing officer at Johannesburg-based exchange VALR, noted that South Africa offers a solid launchpad for companies seeking to expand across Africa.
The Financial Intelligence Centre has also introduced Directive 9, which requires crypto platforms to identify parties involved in transactions. This directive aligns with the Financial Action Task Force’s “travel rule,” aiming to improve transparency and combat money laundering and other illicit activities.
Blockchain.com’s Credentials
According to Blockchain.com, there are 92 million wallets, 37 million verified users, and over $1 trillion in transaction activity.
In 2022, the company closed a funding round that raised its valuation from $5.2 billion to $14 billion, just weeks before the collapse of the Terra ecosystem. However, a $110 million Series E round in 2023 cut its valuation by more than half.
Despite this, the exchange has continued to invest in new markets and technologies. Its decision to focus on Africa underlines a belief in the region’s long-term potential for crypto adoption.
By opening an office in Nigeria and planning expansions in Ghana, Kenya, and South Africa, Blockchain.com is positioning itself to capture growth in emerging African markets.
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