Blockchain.com Eyes Africa’s Growing Crypto Market
Blockchain.com appears to be betting on Africa’s crypto future, where regulations could transform a once-restrictive market.
Crypto wallet and exchange platform Blockchain.com is reportedly looking to expand its presence in Africa as some countries in the region begin to introduce regulations for digital assets, according to a recent report by Bloomberg.
Owenize Odia, Blockchain.com’s general manager for Africa operations, stated that the company is focusing on key markets in Africa, including Nigeria, Ghana, Kenya, and South Africa. Plans are in place to open a physical office in Nigeria in the second quarter of this year, as Nigeria has emerged as Blockchain.com’s fastest-growing market in West Africa. Odia highlighted that Nigeria has taken significant steps towards establishing a clear regulatory framework for cryptocurrency.
While many African countries still have restrictions on crypto trading, there are signs of change. Nigeria recently passed new legislation allowing for the licensing of crypto exchanges, signaling a more welcoming environment for digital assets.
Ghana is also considering regulatory guidelines, with the central bank expected to introduce regulations for cryptocurrency and related platforms by the end of September 2025. In Kenya, discussions are ongoing regarding the regulation of crypto activities.
The adoption of cryptocurrencies in Africa is on the rise, with South Africa leading the way. A recent report from the Financial Sector Conduct Authority highlighted the growing opportunities in South Africa’s decentralized finance sector.
Although still relatively small on a global scale, South Africa’s DeFi market is experiencing rapid growth, with the total value locked surpassing $27 million and projected to reach $180 million by 2028. The most common use cases for DeFi in South Africa are payments (over 50%), lending and borrowing (47.6%), and decentralized exchanges (33%).
As Africa embraces the potential of cryptocurrencies and blockchain technology, companies like Blockchain.com are positioning themselves to capitalize on the continent’s evolving regulatory landscape and growing crypto market.