November 17 2025
Blockchain.com is ramping up its presence in Africa, targeting countries where governments are beginning to implement crypto regulations. The UK-based exchange plans to open a physical presence in Nigeria, considered the fastest-growing market in West Africa, in the second quarter of this year. Expansion to Ghana, Kenya and South Africa are also on the cards.
According to Owenize Odia, Blockchain.com's Managing Director for Africa, Nigeria has taken significant steps towards clear regulation of crypto. This development coincides with a shift in global sentiment, including political support from the United States, where President Donald Trump has encouraged the growth of the sector.
While cryptocurrency trading is still restricted in many African countries, Nigeria and Ghana are taking steps towards creating legally recognized frameworks for exchanges. Odia clarified that applying for a license in Nigeria is a priority, especially now that the country recently passed a new law that pertains to digital assets.
Ghana’s central bank has released draft guidelines indicating that it plans to begin regulating crypto platforms by September 2025, while Kenya is still in the review phase. These signals of regulatory intent are crucial to Blockchain.com’s decision to expand. The exchange sees the region’s young population and uncertain currency as incentives for crypto adoption.
Blockchain.com claims 37 million verified users, 92 million digital wallets, and over $1 trillion in transactions. In 2022, Blockchain.com completed a funding round that saw its valuation increase from $5,2 billion to $14 billion, less than two months before the demise of Do Kwon’s Terra ecosystem. However, a Series E funding round in 2023 halved its valuation to around $6 billion.
South Africa is positioning itself as a major player in the African crypto race, with the country emerging as a regional hub for digital assets. Ben Caselin, Chief Marketing Officer of Johannesburg-based crypto exchange VALR, points to South Africa’s strong legal infrastructure and business-friendly environment as key factors that make it attractive to crypto companies looking to expand in Africa.
In a September 2024 interview, Caselin stressed that regulatory clarity is a major attraction for both local and international players. The sector is gaining momentum, with the Financial Sector Conduct Authority (FSCA) approving 59 licenses for crypto platforms by March 2024, with over 260 applications still pending.
What are the key markets Blockchain.com is targeting in Africa?
Blockchain.com focuses on Nigeria, Ghana, Kenya and South Africa, with a particular focus on Nigeria as the fastest growing market in West Africa.
Why is Nigeria an interesting market for cryptocurrency?
Nigeria has recently taken positive steps towards clear regulation of digital assets, making it attractive for crypto exchanges.
How does South Africa compare to other African countries when it comes to crypto?
South Africa is seen as a leading region for digital assets in Africa, with a strong legal base and an increased number of approved crypto platforms.
Developments in Africa, particularly Nigeria and South Africa, are opening new doors for crypto exchanges like Blockchain.com. The growing acceptance of digital assets offers unprecedented opportunities in a market that is in a rapid transition to regulation.
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