Blockchain.com, a UK-based cryptocurrency exchange, is strengthening its presence in Africa by establishing a new office in Nigeria, its fastest-growing market in West Africa. This move is part of a broader expansion strategy targeting countries like Ghana, Kenya, and South Africa, where crypto regulations are evolving.
Owenize Odia, Blockchain.com’s General Manager for Africa, highlighted Nigeria’s progress in creating a clear regulatory framework for cryptocurrencies. The company is prioritizing obtaining a license in Nigeria, which recently enacted new securities laws covering digital assets.
Ghana’s central bank has released draft guidelines aiming to regulate crypto platforms by September 2025, while Kenya remains in the research phase. These regulatory signals are crucial for Blockchain.com’s expansion decisions, as the company sees the region’s youthful population and currency instability as factors driving crypto adoption.
Blockchain.com reports having 37 million verified users, 92 million wallets, and over $1 trillion in transaction volume. In 2022, the company’s valuation surged from $5.2 billion to $14 billion, though a $110 million Series E financing round in 2023 more than halved its 2022 valuation.
South Africa is emerging as a leader in Africa’s crypto landscape, with the Financial Sector Conduct Authority (FSCA) approving 59 crypto platform licenses by March 2024. The country’s strong legal infrastructure and business-friendly environment make it an attractive hub for digital assets.
As African nations develop clearer crypto regulations, Blockchain.com aims to establish a significant foothold in the continent’s digital economy.
