With an emphasis on markets where governments are starting to enact crypto legislation, Blockchain.com is expanding its footprint in Africa.
With an emphasis on markets where governments are starting to enact crypto legislation, Blockchain.com is expanding its footprint in Africa.
According to a Bloomberg story published on May 27, the UK-based exchange intends to create a physical office in Nigeria, its "fastest-growing market" in West Africa, during the second quarter. It also expects to expand further in Ghana, Kenya, and South Africa.
According to reports, Blockchain.com's general manager for Africa, Owenize Odia, stated that Nigeria has made significant progress in developing a transparent environment for cryptocurrency.
The action coincides with a change in global opinion, including political pressures from the US, where President Donald Trump's support for cryptocurrencies has fueled industry growth.
Ghana and Nigeria are leading in crypto legislation
Although many African nations still prohibit cryptocurrency trading, several, like Ghana and Nigeria, are moving to establish legal foundations for exchanges.
According to Odia, the business is giving its licensing application top priority in Nigeria, where a new securities law pertaining to digital assets was recently passed.
While Kenya is currently in the research stage, Ghana's central bank published draft guidelines outlining plans to start regulating cryptocurrency platforms by September 2025.
Such indications of regulatory intent are crucial in determining Blockchain.com's expansion strategies, Odia continued. The exchange believes that the adoption of cryptocurrencies is being fueled by the region's young population and currency volatility.
Cointelegraph contacted Blockchain.com for comment, but as the time of publication, they had not heard back.
According to Blockchain.com's website, there are 37 million verified users, 92 million wallets, and a transaction volume of over $1 trillion.
Shortly before Do Kwon's Terra ecosystem collapsed in 2022, Blockchain.com finished a funding round that saw its worth soar from $5.2 billion to $14 billion.
However, its 2022 valuation was more than halved in 2023 by a $110 million Series E fundraising transaction.
South Africa leads the crypto race
With the nation establishing itself as a regional center for digital assets, South Africa is becoming a leader in Africa's crypto race.
Ben Caselin, chief marketing officer of Johannesburg-based cryptocurrency exchange VALR, claims that South Africa is the perfect starting point for cryptocurrency businesses wishing to grow throughout the continent because of its robust regulatory framework and welcoming business community.
In an interview with Cointelegraph in September 2024, Caselin underlined that one of the main things luring both domestic and foreign players to South Africa is regulatory clarity.
With more than 260 applications still pending evaluation, the Financial Sector Conduct Authority (FSCA) is expected to approve 59 crypto platform licenses by March 2024, demonstrating the growing momentum.
