Blockchain.com bets on Nigeria to boost African expansion

Blockchain.com, one of the world’s oldest cryptocurrency and digital finance companies, has identified Nigeria as the linchpin of its African growth strategy after recording a 100 per cent surge in user activity since setting up a physical office in Lagos.

Founded in 2011 as a Bitcoin explorer, the London-based firm has evolved into a global crypto services provider, offering exchange, wallet, and blockchain data services to over 90 million users across 200 countries. Its expansion into Nigeria, Africa’s largest crypto economy by transaction volume, marks a decisive step in its long-term push to build a regulated and trusted digital finance ecosystem across the continent.

“We call ourselves the OGs of cryptocurrency,” Blockchain.com’s General Manager for Africa, Owenize Odia, said at a press briefing in Lagos on Tuesday.

“We’ve been in this business since 2010, and what we want to show Nigerians now is that we’re here to stay. Blockchain.com is a Nigerian company, incorporated locally, hiring locally, and fully committed to building trust with users.”

The executive said Nigeria’s vibrant crypto user base, youthful population, and growing appetite for alternative financial tools made it an ideal anchor market for the company’s African expansion. Blockchain.com, Odia added, is positioning the country as a launchpad for a broader push into markets including Ghana and Kenya.

“What we want to do now is to make Africa the next US for Blockchain.com,” Odia said. “We are already licensed in 36 states in the US, and we’re applying the same compliance-first approach here in Africa.”

The company’s Compliance and Money Laundering Reporting Officer for Nigeria, Serena Braide, said Blockchain.com takes regulation seriously, operating as if it already holds a local licence while awaiting formal approval from the Nigerian authorities.

“At Blockchain.com, compliance is at the core of everything we do,” Braide told journalists. “We conduct due diligence on every customer, run them through watchlists and sanctions databases, and continue to monitor their transactions. Our goal is to ensure we meet both international standards and Nigeria’s regulatory expectations.”

Nigeria’s crypto environment remains tightly regulated. The Securities and Exchange Commission in May 2022 issued new rules requiring virtual asset service providers to obtain digital asset licences, while the Central Bank of Nigeria lifted its earlier ban on crypto-related accounts in late 2023 to encourage controlled participation.

Braide said the company views regulation not as a constraint but as an enabler of market growth.

“When you are licensed, customers trust you more. Regulation gives companies credibility and protects the entire ecosystem,” she said.

Beyond compliance, Blockchain.com is introducing new services tailored to African users. The company’s Marketing Lead for Nigeria, Chisom Felix, unveiled plans for a one-stop finance app that allows users to buy and trade up to 100 tokenised US stocks directly with the naira.

“In our app, you can now buy Tesla, Google, and Apple shares right alongside your crypto holdings,” Felix explained. “This is what Africans want—an all-in-one platform that gives them options, lets them fund with naira, and participate in the global market.”

Head of Business and Customer Operations for Nigeria, Michael Emeka, said the tokenised stock product would be launched in the coming days, adding that Blockchain.com’s goal is to make crypto and digital assets part of everyday financial life.

“We want people to use crypto for payments, remittances, and trades, not just as an investment,” Emeka said. “We’ve hired Nigerians who understand the market and can build trust with local users. Education is key to this.”

Nigeria remains one of the most active cryptocurrency markets globally. According to Chainalysis’ 2024 Geography of Cryptocurrency Report, the country ranked third in global crypto adoption and leads Africa in peer-to-peer trading volumes. The World Bank estimates that remittances to Nigeria topped $20 billion last year, with crypto increasingly used for faster, cheaper transfers.

Blockchain.com’s decision to deepen its local presence follows a wave of similar moves by global crypto firms such as Binance and Luno, which have sought regulatory alignment to tap into Africa’s fast-growing digital finance market.

While licensing delays and marketing restrictions persist, Odia said Blockchain.com intends to build trust through transparency and local engagement.

“We act as if we’re licensed because that’s the right way to do business,” she said. “Our focus is on compliance, education, and long-term value creation for African users. We’re not here for hype; we’re here to build.”