Blockchain.com Expands its Presence in Africa, Targeting Nigeria and South Africa

Blockchain.com is expanding its presence in Africa, focusing on high-growth markets like Nigeria and South Africa. Both countries are showing increasing crypto adoption and clearer regulatory paths.

Key Takeaways:

* Expansion Targets: Nigeria and South Africa

Global cryptocurrency exchange Blockchain.com is expanding its footprint in Africa, concentrating on high-growth markets like Nigeria and South Africa, according to Bloomberg. The report highlights both countries' significant roles in the global crypto scene, with Nigeria ranking second in the world for crypto adoption.

* Regulatory Progress Encourages Entry

The company’s move follows regulatory advancements in countries like Nigeria, where crypto bans have been lifted, and South Africa, which now requires licensing for crypto service providers. This creates a more stable environment for crypto businesses to enter and operate.

* Boost for Africa’s Crypto Ecosystem

Blockchain.com’s entry into Africa is expected to have a broader impact on the region’s digital asset economy, as it could attract more investment and contribute to the growth of the continent’s crypto ecosystem.

Excerpt:

"We’re planning to open a physical office in Nigeria during the second quarter," said an official at the company, adding that it is also looking to enter Ghana, Kenya, and South Africa. The company, which is planning to hire 25% more staff early next year, is targeting countries like Nigeria and Turkey for expansion as part of a broader strategy to forge a presence in emerging markets and navigate the evolving regulatory landscape.

The company, which is known for its Bitcoin wallet and exchange services, is also hiring more staff to cope with expansion plans in Europe. It has appointed Curtis Ting, formerly Kraken's head of global operations, as the new senior vice president of business operations to spearhead this growth. Ting's primary role will involve establishing the company's new hub in Paris and forming localised entities across Europe.

"We see great potential in expanding our footprint in key emerging markets and are actively exploring new opportunities to serve the growing global demand for cryptocurrency products and services," said a spokesperson for the company.

The company's expansion plans come as Africa's regulatory environment for cryptocurrencies is undergoing significant changes, creating a more conducive atmosphere for crypto businesses. In December, Nigeria lifted its ban on cryptocurrencies and, by March, released new draft guidelines to licence, register and screen digital and virtual assets service providers. The move is part of Nigeria's broader effort to position itself as a digital finance leader in the continent.

South Africa has also made notable progress in regulating the crypto industry. The Financial Sector Conduct Authority (FSCA) has classified crypto assets as financial products, requiring businesses offering financial services related to crypto assets to apply for a licence. As of June, over 130 crypto providers had received approval. This regulatory clarity is expected to foster growth and innovation while ensuring market stability and consumer protection.

Other African nations are following suit in establishing clear rules for cryptocurrencies. Namibia passed a bill in June to legalise and set up regulations for virtual assets, while Kenya is developing a regulatory and monitoring framework for using virtual assets and providing virtual asset services.

Key Highlights:

* Global cryptocurrency exchange Blockchain.com is expanding its presence in Africa, focusing on high-growth markets like Nigeria and South Africa.

* The company's move follows regulatory advancements in countries like Nigeria, where crypto bans have been lifted, and South Africa, which now requires licensing for crypto service providers.

* Blockchain.com's entry into Africa could enhance access to crypto services, drive financial inclusion, and attract further investment, contributing to the growth of the region's digital asset economy.

The cryptocurrency exchange Blockchain.com is expanding its footprint in Africa, aiming to enter Nigeria and Turkey early next year as part of a broader strategy to forge a presence in emerging markets and navigate the evolving regulatory landscape.

The company, which is planning to hire 25% more staff early next year, is also targeting countries like Vietnam and Turkey, according to an official at the exchange. This expansion plan follows the company's December move to launch operations in Brazil, marking its first entry into Latin America.

"We're planning to open a physical office in Nigeria during the second quarter," said the official, who declined to be named as they are not authorised to speak to the press.

The exchange's expansion plans come as Africa's regulatory environment for cryptocurrencies is undergoing significant changes, creating a more stable environment for crypto businesses to enter and operate.

Earlier this year, Nigeria's central bank began accepting applications to licence cryptocurrency service providers as part of broader efforts to regulate the digital asset industry. The move by the banking regulator follows the lifting of a ban on cryptocurrencies by the West African nation's president in December.

In March, the Central Bank of Nigeria (CBN) opened a window for the application, registration, and screening of digital and virtual assets service providers in the country. The apex bank is also planning to introduce guidelines for stablecoin issuers in the coming months.

"It's no secret that Nigeria has become a hotbed for crypto activity, ranking second only to Vietnam in Chainanalysis's