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Blockchain.com, one of the earliest cryptocurrency and digital finance firms globally, has pinpointed Nigeria as the key to its expansion plans in Africa following a 100 per cent increase in user engagement since establishing a local office in Lagos.

Established in 2011 as a Bitcoin explorer, the London-based company has grown into a worldwide crypto services provider, delivering exchange, wallet, and blockchain data solutions to more than 90 million users in 200 countries. Its entry into Nigeria, Africa’s biggest crypto economy in terms of transaction volume, represents a significant move in its extended effort to create a regulated and reliable digital financial system throughout the continent.

“We refer to ourselves as the pioneers of cryptocurrency,” said Owenize Odia, Blockchain.com’s General Manager for Africa, during a press conference in Lagos on Tuesday.

We have been in this industry since 2010, and our aim is to demonstrate to Nigerians that we are here for the long term. Blockchain.com is a Nigerian company, established locally, employing local talent, and dedicated to fostering trust with its users.

The executive stated that Nigeria’s active cryptocurrency user community, young population, and increasing interest in alternative financial solutions made it a perfect starting point for the company’s expansion across Africa. Blockchain.com, according to Odia, is establishing the country as a base for a larger strategy targeting markets such as Ghana and Kenya.

We aim to position Africa as the next major hub for Blockchain.com,” Odia stated. “We are already licensed in 36 U.S. states, and we’re implementing the same compliance-focused strategy here in Africa.

The Compliance and Anti-Money Laundering Reporting Officer for Nigeria at the company, Serena Braide, stated that Blockchain.com treats regulation with utmost seriousness, functioning as though it already has a local license while waiting for official approval from Nigerian authorities.

At Blockchain.com, adherence to regulations is fundamental to all our operations,” Braide said to reporters. “We perform thorough checks on each customer, verify them against watchlists and sanctions databases, and keep monitoring their transactions. Our aim is to comply with both global standards and Nigeria’s regulatory requirements.

Nigeria’s cryptocurrency landscape continues to be closely monitored. In May 2022, the Securities and Exchange Commission introduced new regulations that mandate virtual asset service providers to acquire digital asset licenses, while the Central Bank of Nigeria removed its previous restriction on crypto-related accounts towards the end of 2023 to promote regulated involvement.

Braide mentioned that the company sees regulation not as a limitation but as a driver for market expansion.

“When you hold a license, customers have greater confidence in you. Regulations enhance a company’s credibility and safeguard the whole system,” she stated.

In addition to meeting regulatory requirements, Blockchain.com is launching new services designed for users in Africa. The company’s Marketing Lead in Nigeria, Chisom Felix, revealed plans for a comprehensive financial application that enables users to purchase and trade up to 100 tokenized U.S. stocks directly using the naira.

In our application, you can now purchase shares of Tesla, Google, and Apple together with your cryptocurrency assets,” Felix said. “This is what Africans desire—an integrated platform that offers choices, allows funding in naira, and enables participation in the global market.

The head of Business and Customer Operations in Nigeria, Michael Emeka, stated that the tokenized stock offering will be introduced in the near future, noting that Blockchain.com aims to integrate cryptocurrency and digital assets into daily financial activities.

We aim for people to utilize cryptocurrency for transactions, money transfers, and trading, rather than solely as an investment,” Emeka stated. “We have recruited Nigerians who comprehend the market and can establish credibility with local users. Education plays a crucial role in this.

Nigeria continues to be among the most dynamic cryptocurrency markets worldwide. As per Chainalysis’ 2024 Geography of Cryptocurrency Report, the nation holds the third position in global crypto adoption and is at the forefront of Africa in peer-to-peer trading volumes. The World Bank reports that remittances into Nigeria exceeded $20 billion in the previous year, with cryptocurrency becoming more popular for quicker and more cost-effective transfers.

Blockchain.com’s choice to expand its local footprint comes after a series of comparable actions by international crypto companies like Binance and Luno, which have aimed for regulatory compliance to access Africa’s rapidly expanding digital financial sector.

Despite ongoing licensing delays and marketing limitations, Odia stated that Blockchain.com plans to establish trust by promoting openness and involving local communities.

We operate under the assumption that we are authorized because that’s the correct approach to conducting business,” she stated. “Our emphasis lies in adherence to regulations, instruction, and the development of sustained value for African users. We are not here for sensationalism; we are here to establish a foundation.

Provided by SyndiGate Media Inc. (Syndigate.info).