Blockchain.com Expands into Africa, Targeting Ghana, Kenya, and South Africa

Blockchain.com, a cryptocurrency exchange and wallet provider, is expanding into parts of Africa where crypto regulation is beginning to solidify.

Cryptocurrency exchange and wallet provider Blockchain.com is expanding into parts of Africa where crypto regulation is beginning to solidify.

The company is focusing on Ghana, Kenya, and South Africa, and plans to open a physical office in Nigeria this quarter, citing it as its fastest-growing market in West Africa, reports Bloomberg.

The move comes as earlier this year Blockchain.com took a new step towards a potential initial public offering (IPO) through new executive appointments.

Earlier this year, rumors swirled online that Blockchain.com was preparing for an IPO in the second half of 2023, and that the company had hired executives from banking and financial technology firms.

The rumors also claimed that Blockchain.com was working with investment banks to prepare for the offering, which could value the company at around $5 billion.

However, at the time a spokesperson for Blockchain.com said that the company had "no plans for an IPO at this time."

The company is best known for its cryptocurrency exchange and wallet services, which are used by millions of users around the world.

The firm also provides a range of other crypto services, including institutional custody solutions and a tokenized securities platform.

Blockchain.com is one of the world’s leading cryptocurrency exchanges and has been operating since 2011. The company is fully licensed and regulated in the jurisdictions where it operates.

The company’s decision to expand into Africa comes as the continent is rapidly emerging as a hub for cryptocurrency innovation.

Several African countries are now in the process of introducing legislation to regulate cryptocurrencies.

In December, Nigeria passed a new investment and securities law, which includes provisions for licensing and regulating cryptocurrency exchanges.

The West African nation’s new Finance Act 2023 also adjusts the capital gains tax (CGT) to align with cryptocurrency.

Earlier this year, the Bank of Ghana released draft guidelines for cryptocurrency services, in a move that would bring the sector largely into the regulatory fold.

Meanwhile, Kenya’s capital markets regulator is still in the research phase to further understand the asset class and any potential regulatory framework.

Earlier this year, the regulator said it was working closely with the central bank to coordinate any broader regulatory approach.