Blockchain.com’s Expansion in Africa
Blockchain.com is positioning itself to tap into the growing cryptocurrency landscape in Africa, where evolving regulations could open the door to new opportunities. As countries begin to establish clearer frameworks for digital assets, the crypto wallet and exchange platform is focusing on expansion, particularly in key markets such as Nigeria, Ghana, Kenya, and South Africa.
Strategic Moves in Nigeria
Owenize Odia, who manages Blockchain.com’s African operations, revealed plans to establish a physical presence in Nigeria in the second quarter of the year, citing it as the company’s “fastest-growing market” in West Africa. Odia noted that Nigeria has made significant strides in introducing a regulatory framework for cryptocurrencies, which is crucial for the sector’s growth.
Shifts in Regulatory Stance
While the majority of African nations have historically imposed strict bans or severe restrictions on cryptocurrency trading, a handful are gradually shifting their stance. In a recent development, Nigeria enacted new legislation that enables the licensing of cryptocurrency exchanges, a move seen as a significant leap toward more structured regulation. Ghana is also making progress; according to Odia, the Bank of Ghana is expected to release draft regulations by the end of September 2025, demonstrating a commitment to overseeing cryptocurrency activities. Meanwhile, Kenya is still evaluating how best to approach its regulatory framework for digital assets.
Emerging Market Potential
Despite the slow pace of regulatory acceptance, Africa is rapidly emerging as a promising market for cryptocurrency adoption, with South Africa taking the lead. A recent report from the Financial Sector Conduct Authority indicates a burgeoning decentralized finance (DeFi) sector in South Africa. Although the country’s DeFi market remains relatively small on a global scale, it is experiencing swift growth, with total value locked in DeFi protocols surpassing $27 million and forecasts suggesting it could reach $180 million by 2028.
Payment solutions account for over half of DeFi use cases, followed closely by lending and borrowing activities (47.6%), and decentralized exchanges (33%).
