Blockchain.com, the global crypto firm operating in more than 100 countries, has launched a tokenisation product that lets users in Nigeria buy digital assets pegged to the value of over 100 publicly-listed US companies’ stocks, with access to market liquidity.
The product, developed in partnership with Ondo Finance, a US digital asset tokenisation company, allows Nigerian users to trade tokenised US stocks and ETFs through their Blockchain.com wallets.
Blockchain.com joins a growing list of crypto and wealth-tech platforms vying for Africa’s retail investors. UK-based Luno has already launched tokenised US stocks in South Africa and Nigeria, while South Africa’s VALR launched a stock tokenisation product in July. These companies compete with the likes of Bamboo, Trove, Hisa, and Rise, betting that cheap access to US stocks and round-the-clock liquidity will draw retail investors to their platforms.
“Our mission has always been to expand access to the global financial system,” said Blockchain.com in a statement. “This launch opens up new opportunities for Nigerian users to diversify their portfolios, with exposure to some of the world’s most in-demand assets, and to celebrate we’re kicking things off with an exclusive bonus rewards promotion.”
To mark the launch, Blockchain.com is offering rewards for Nigerian users who buy tokenised US stocks through their DeFi Wallet. Users can earn up to 25 ONDO tokens by making five qualifying purchases of tokenised assets, with a minimum transaction of $10 each. There’s also a long-term reward, where users who purchase and hold the least-traded tokens stand a chance to win a share of a 10,000 ONDO prize pool.
Despite the excitement, tokenisation products still sit in a regulatory grey zone in Nigeria. The Nigerian Securities and Exchange Commission (SEC) has yet to release clear guidelines for tokenisation. Given that these products target retail investors, regulators could soon impose requirements on issuers like Blockchain.com to meet investor protection standards. Monitoring of offshore platforms such as Ondo Finance, which operates outside Nigeria, could become a key focus for regulators.
Nigerians predominantly use digital assets for investment purposes, and Blockchain.com is introducing products to target users who invest in digital assets hoping to earn returns. Blockchain.com’s Nigeria country manager, Michael Emeeka, said on the sidelines of the Moonshot by panel, “What does the next wave of crypto infrastructure look like?”, that the company plans to launch a yield-bearing digital assets product, allowing users to earn up to 7.5% for buying and holding dollar-based stablecoins.
Blockchain.com’s expansion in Nigeria is part of a broader effort to establish a foothold in Africa’s crypto market. The company, operating globally since 2013, has opened a physical office in Nigeria and is actively hiring in Ghana. The company wants to challenge local and foreign crypto companies already entrenched on the continent, positioning Blockchain.com as a key player in Africa’s digital asset ecosystem.
