🟠 Sub-Saharan Africa emerges as third-largest crypto market globally

Sub-Saharan Africa emerges as third-largest crypto market globally

Topline: Sub-Saharan Africa (SSA) is now the third-fastest-growing cryptocurrency market globally, according to new data from Chainalysis. (Details)

Quick facts: Between July 2024 and June 2025, the region received over $205 billion in on-chain value — a 52% increase from the year before. That puts SSA right behind Asia-Pacific and Latin America.

• The biggest spike came in March 2025, when SSA’s monthly transaction volume nearly hit $25 billion, while most other regions were slowing down.
• Nigeria led the region, receiving $92.1 billion in value, almost three times South Africa’s.
• SSA sees a higher share of smaller transfers under $10,000 compared to the global average, pointing to strong retail usage alongside institutional flows.
• South Africa ranked second, helped by its clearer regulatory framework, while Ethiopia, Kenya, and Ghana rounded out the top five.

Regional trading patterns: Bitcoin dominates entry points: 89% of purchases in Nigeria and 74% in South Africa, compared to just 51% globally.

• Multi-million-dollar stablecoin transfers now link Africa to the Middle East and Asia, supporting energy deals and merchant payments.
• In Nigeria, inflation and foreign currency restrictions have pushed many to stablecoins as a dollar substitute.
• Stablecoins now account for 43% of SSA’s crypto transaction volume, making them central to everyday financial survival.

Mariblock Roundtable: Are local stablecoins the next big wave?

Topline: As we prepare for the Mariblock Onchain Conference 2025, we gathered industry leaders to discuss whether local stablecoins could transform financial access across emerging markets. (Details)

Here are some highlights from the roundtable: USD-backed stablecoins dominate, making up 99% of the market. But regional alternatives are starting to emerge, like Circle’s euro-pegged EURC and Nigeria’s cNGN.

• Charles Okaformbah, CTO of Convexity and technical lead for cNGN, addressed criticism about the need for naira-denominated stablecoins, arguing that direct naira-to-crypto conversion is cheaper than going from fiat to USDT, which involves high spreads.
• Okaformbah described dealing with regulators as a “ballet,” requiring constant coordination to stay compliant. The cNGN team is in ongoing talks with the Central Bank of Nigeria and the SEC.
• Beyond basic currency functionality, the cNGN project plans to expand into tokenized asset management and money market fund platforms, areas showing early institutional interest in blockchain-based financial infrastructure built around local currencies.

Why it matters: The upcoming Mariblock Onchain Conference (Nov 5–6, 2025) aims to expand this dialogue to include voices from across Africa and beyond, examining whether local stablecoins can truly democratize financial access or simply replicate existing inequalities in new forms.

South Africa's Altvest plans $210 million Bitcoin treasury strategy

Topline: South African investment firm Altvest Capital Ltd. is looking to raise $210 million to buy Bitcoin as a treasury reserve. If successful, it would become the first listed African company to make Bitcoin its core balance sheet holding. (Details)

What they’re saying: CEO Warren Wheatley said:

“Pension funds, retirement annuities, unit trusts and others usually cannot directly buy Bitcoin, but by buying our shares, they will now be able to get exposure in a regulated way through equity.”

• The Johannesburg-based firm will rename itself Africa Bitcoin Corp.
• Plans include raising funds locally and internationally, with listings on African exchanges (Botswana, Kenya, Namibia) for broader access.

Key context: Altvest is currently valued at 52.8 million rand ($3 million) on the Johannesburg Stock Exchange.

• It’s following a playbook similar to firms like Strategy (U.S.) and Metaplanet (Japan), which saw massive valuations after accumulating Bitcoin.
• However, Altvest’s shares have fallen 25% over the past year, even as Bitcoin gained 95%.
• Subsidiary Altvest Bitcoin Strategies Pty Ltd. will partner with CAEP Asset Managers, a licensed crypto services provider.

Why it matters: South Africa has taken steps to clarify rules around digital assets, granting licenses to crypto service providers under the Financial Sector Conduct Authority. managing a cryptocurrency treasury

• This regulatory clarity has encouraged more institutions to test exposure to Bitcoin and other digital assets in a compliant environment.
• If successful, Altvest’s strategy could set a precedent for other African listed companies to consider digital assets as part of their treasury strategy.

📢 The Mariblock OnChain conference is coming!

Mariblock is launching the OnChain Conference, a new flagship event focused on Africa’s blockchain future.

The inaugural edition will take place on November 5-6, 2025, at the Jewel Aeida in Lagos, in partnership with Busha.

This year’s theme, “The Next Wave,” will explore stablecoins, payments, FX, tokenized real-world assets, regulation, blockchain use cases, and the continent’s growing talent pipeline.
Join the waitlist for early access: mariblock.xyz/onchain-waitlist

Catch up

🇳🇬 Luno expands access to tokenized US stocks to Nigeria (Mariblock)

🇳🇬 AFAN’s blockchain partnership sparks concerns over Tingo connection (Mariblock)

🌍 Ripple brings stablecoin RLUSD to Africa in partnership with Chipper Cash, VALR, Yellow Card (Mariblock)

🇳🇬 Superteam Nigeria: Inside Solana’s community-led adoption strategy in Nigeria (Mariblock)

That’s all for this week!

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Till next week,

Ogechi.