Welcome to this edition of Africa Crypto Week in Review, where we cover the most impactful developments across the African digital asset landscape. From innovative fintech integrations to major law enforcement crackdowns and mining infrastructure expansions, Africa’s crypto adoption is accelerating. This week, we’re looking into Onafriq’s strategic move with USDC, Nigeria’s latest enforcement actions following the CBEX collapse, and the Phoenix Group’s impressive expansion in Ethiopia’s Bitcoin mining scene.
Onafriq Taps USDC to Power Cross-Border Payments
African fintech leader Onafriq has taken a significant step forward by integrating USD Coin (USDC), a regulated stablecoin backed 1:1 by the U.S. dollar, to facilitate cheaper and faster cross-border payments across the continent. This development signals a strategic push toward greater financial inclusion and efficiency in remittances, a sector worth billions across Africa.
With the integration of USDC, Onafriq aims to eliminate traditional banking hurdles, offering a stable, transparent, and near-instant settlement mechanism between countries. Given the volatile nature of local fiat currencies, introducing a stablecoin like USDC also presents a hedge against inflationary pressures and currency devaluation – two common economic challenges in many African nations.
Nigeria Takes Action After CBEX Exchange Collapse
The crypto world in Nigeria was shaken by the sudden collapse of the CBEX exchange. Authorities have arrested eight individuals suspected of being involved in fraudulent activities linked to the platform’s downfall. The incident has raised renewed concerns over regulatory oversight and investor protection within Nigeria’s fast-growing but underregulated digital asset sector.
As the Securities and Exchange Commission (SEC) of Nigeria intensifies efforts to impose rules on crypto exchanges, the CBEX fallout underlines the importance of consumer education and due diligence when participating in cryptocurrency markets. Nigeria, being one of Africa’s most active crypto markets, now faces a critical turning point in fostering a safer ecosystem while balancing innovation.
Phoenix Group Expands Bitcoin Mining Operations in Ethiopia
In a powerful demonstration of Africa’s potential in global crypto infrastructure, the UAE-based Phoenix Group has unveiled its plan to expand Bitcoin mining operations in Ethiopia. This move makes use of Ethiopia’s abundant hydroelectric power, offering a sustainable and cost-effective solution for mining activities, which are often criticized globally for high energy consumption.
The agreement, reportedly backed by Ethiopian authorities, includes the development of data center infrastructure and crypto mining rigs. With this expansion, Phoenix Group not only boosts Ethiopia’s standing in the global crypto mining industry but also lays the groundwork for a tech-driven economy powered by clean energy.
Conclusion: Africa’s Crypto Revolution Continues
This week’s highlights from the Africa Crypto Week in Review: Onafriq Taps USDC, Nigeria After 8 Suspects Following CBEX Collapse, Phoenix Group Expands Bitcoin Mining Operations In Ethiopia display a continent in motion—where innovation, regulatory scrutiny, and industrial investment converge. Africa is rapidly positioning itself as both a consumer and creator in the blockchain space, demonstrating resilience and ambition amid global economic shifts.
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