Blockchain.com, a UK-based crypto exchange, aims to expand in African countries that are beginning to regulate the cryptocurrency market with clear rules. In particular, Nigeria, Ghana, Kenya, and South Africa are in focus, with Nigeria being the "fastest-growing market" in West Africa, according to Owenize Odia, General Manager for Africa at Blockchain.com. A physical branch is set to open there within the current quarter.

Despite the fact that crypto trading is officially banned or heavily monitored in many African countries, some nations are increasingly creating legal frameworks for the market. For example, Nigeria enacted a new law this year for the licensing and regulation of crypto exchanges, prompting other providers such as Yellow Card Financial Inc. to apply for permits.

Ghana recently published a draft of regulations set to take effect by the end of 2025, while Kenya is currently conducting an in-depth assessment of crypto assets to prepare for potential regulation. "Nigeria has taken significant steps to create a clear framework for cryptocurrencies," explains Odia, emphasizing that obtaining a crypto license for Blockchain.com is of utmost priority.

Interest in digital assets is growing in Africa primarily because many young people and businesses use cryptocurrencies as a hedge against unstable national currencies – a trend further fueled by the support of digital assets by US politicians like Donald Trump.

Blockchain.com itself has a strong user base: After a funding round in 2022, the company was valued at around 14 billion US dollars. With 37 million verified users, 92 million created wallets, and a transaction volume of over one trillion US dollars, the platform is among the largest global players in the crypto segment.

The planned expansion in Africa is thus part of a strategic positioning in one of the most dynamic, albeit regulatorily complex markets – a step intended to strengthen Blockchain.com in global competition.