Blockchain.com is increasing its footprint across Africa, targeting countries where governments are advancing efforts to regulate the cryptocurrency industry.
The UK-headquartered exchange plans to open a physical office in Nigeria – its fastest-growing market in West Africa – during the second quarter. The expansion will also include markets like Ghana, Kenya, and South Africa, according to a May 2025 report.
“Nigeria has taken meaningful steps toward creating a clear framework for crypto,” said Owenize Odia, Blockchain.com’s General Manager for Africa.
The expansion coincides with a shift in global sentiment toward digital assets, bolstered by political developments in the U.S., where former President Donald Trump’s pro-crypto stance has sparked new momentum in the industry.
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The order be ” … promoting and protecting the sovereignty of the United States dollar,” as a key goal.https://t.co/v3r56ETVLK
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Nigeria and Ghana Take the Lead on Crypto Regulation
Although crypto trading remains restricted in several African nations, countries like Nigeria and Ghana are beginning to define legal frameworks for digital assets and exchanges.
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Odia noted that securing a license in Nigeria is a top priority for the firm. The country recently introduced a new securities law aimed at regulating digital assets.
Meanwhile, Ghana’s central bank has issued draft guidelines signaling an intent to regulate crypto platforms by September 2025. Kenya, on the other hand, remains in the exploratory phase.
“Nigeria’s combination of high crypto literacy, a digitally native population, and strong demand for alternatives to traditional financial systems has made it our fastest-growing market,” said Odia.
She added that more than 3 million Blockchain.com wallets have already been created in Nigeria.
Blockchain.com views these regulatory signals as critical to its strategic decisions in Africa. Odia confirmed the company is preparing a Virtual Asset Service Provider (VASP) application under Nigeria’s updated Investment and Securities Act, working closely with the Securities and Exchange Commission (SEC) to meet all compliance requirements.
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Over the next 12 to 18 months, Odia said, Blockchain.com will focus on acquiring local licenses, growing its physical presence, building regional teams, and strengthening relationships with both regulators and users.
According to its website, Blockchain.com has 37 million verified users, 92 million wallets, and has processed over $1 trillion in transaction volume.
The company saw its valuation rise from $5.2 billion to $14 billion following a 2022 funding round – just weeks before the collapse of Terra’s ecosystem. However, a $110 million Series E round in 2023 saw that valuation drop by more than half.
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