Key Points:
- Blockchain.com announced plans to open Nigeria’s first major international crypto office in Q2 2025
- Expansion targets Nigeria, Ghana, Kenya, and South Africa with local teams and offices
- Nigeria ranks second globally in Chainalysis’ crypto adoption index
- Ghana preparing to introduce Virtual Asset Providers Bill by September 2025
- African crypto market projected to generate over $2.9 billion in revenue by 2025
- Only 49% of Sub-Saharan Africans hold bank accounts, driving crypto adoption
Major Exchange Targets Africa’s High-Growth Crypto Markets
UK-based cryptocurrency exchange Blockchain.com announced a significant expansion into Africa on May 27, 2025, with plans to open Nigeria’s first major international cryptocurrency office this quarter. The move signals growing confidence in Africa’s potential as the next major growth frontier for digital assets.
According to Bloomberg’s report, Blockchain.com’s expansion targets multiple African nations including Ghana, Kenya, and South Africa alongside Nigeria. The company aims to capitalize on emerging regulatory frameworks and the continent’s surging crypto adoption rates as it seeks to build market share following the industry reshuffling that occurred after the 2022 crypto market downturn.
Regulatory Progress Enables Market Entry
The timing of Blockchain.com’s expansion coincides with significant regulatory developments across the targeted countries:
- Nigeria: Currently ranked second globally in Chainalysis’ crypto adoption index, the country is advancing toward structured cryptocurrency oversight. Blockchain.com plans to hire local teams and establish offices to ensure alignment with emerging compliance requirements.
- Ghana: The government is preparing to introduce the Virtual Asset Providers Bill, which would empower the central bank to regulate cryptocurrency exchanges and wallet providers. This legislation is expected to pass by September 2025, creating Ghana’s first legal foundation for overseeing virtual asset activity.
- South Africa: Emerging as a key regional hub for digital assets with its strong legal infrastructure. By March 2024, the Financial Sector Conduct Authority (FSCA) had approved 59 crypto platform licenses, with over 260 additional applications under review.
Blockchain.com CEO Peter Smith highlighted the strength of grassroots adoption across Africa, noting that per-capita cryptocurrency usage in many African nations exceeds that of numerous Western countries.
Necessity-Driven Adoption Creates Real-World Use Cases
Unlike speculative-driven markets in more developed economies, Africa’s cryptocurrency adoption is largely fueled by practical financial needs:
- Banking Access Gap: According to World Bank data from 2021, only 49% of Sub-Saharan Africans held a bank account. This widespread underbanking creates opportunities for alternative financial services.
- Mobile Penetration: High smartphone adoption rates provide the technological foundation for digital asset usage, with mobile-first solutions dominating the market.
- Currency Instability: In countries experiencing inflation and currency devaluation, cryptocurrencies and stablecoins offer alternative stores of value and mediums of exchange.
- Remittances: Cross-border money transfers represent a significant use case, with cryptocurrency offering faster and often cheaper alternatives to traditional remittance channels.
Growing Competition in the African Crypto Space
Blockchain.com is not alone in recognizing Africa’s potential. Other exchanges and financial services companies are actively expanding their presence across the continent:
- Yellow Card Financial: The Africa-focused exchange is applying for permits in Nigeria as the regulatory landscape becomes clearer.
- Local Innovation: Africa-based crypto companies including Yellow Card and Busha have secured venture capital funding and are scaling their services to meet rising demand.
The African cryptocurrency market is projected to generate over $2.9 billion in revenue by 2025, driven by the continent’s young, tech-savvy population, increasing smartphone access, and pressing need for alternative financial tools amid currency instability.
As global platforms enter the market, they face competition from local innovators who understand the unique challenges and opportunities of the African financial landscape. This convergence of international expertise and local knowledge may accelerate cryptocurrency adoption across the continent, potentially positioning Africa as the most important growth market for digital assets in the coming years.