The final week of April marked the emergence of several noteworthy cryptocurrency stories from all over the African continent. These stories include Onafriq, an African payment service provider using stablecoin USDC for cross-border settlements.
At the same time, over in Nigeria, law enforcement is going after eight people tied to the downfall of the CBEX crypto exchange. In the meantime, Ethiopia is seeing further investment for Bitcoin mining from UAE-based firm Phoenix Group. These stories illustrate persistent attempts to exploit digital assets for payments, deal with scams, and further the development of the infrastructure for cryptocurrency mining in key countries of Africa.
Onafriq Partners with Circle for Continental Payments
The South African payment infrastructure provider Onafriq has partnered with the USDC issuer Circle to facilitate cross-border payments within Africa. Onafriq boasts a robust network of over 40 countries, reaching millions of users. The intention of this partnership is to enable cross-border settlements using USDC. The source describes USDC as a stablecoin that is pegged to the US dollar and has been referred to as a digital payment system on the blockchain.
African countries face fragmented payment systems and multiple currencies, which subsequently result in traditional international settlements becoming bureaucratic and expensive. Supporting these claims is the assertion that this blockchain-based solution provides a strong financial tool enabling individuals and institutions to move value across the border within the continent quicker and cheaper. The partnership also enables users on Onafriq’s network to get involved in presales that will be some of the most talked about in 2025.
Nigeria Chases Eight Over CBEX Collapse
The fall of CBEX, a major African crypto exchange, has been in the news a lot, especially now that things are being looked into more closely in Nigeria. The Nigerian Economic and Financial Crimes Commission reportedly is after eight people they think are responsible for the exchange’s collapse. Reports suggest that the men being hunted consist of four Nigerians and four Kenyans. The source suggests that CBEX appears to be a scam, stating its promises of returns were far too exaggerated and beyond what is typical in the financial markets.
Reportedly, scams are still a major problem in the crypto world. The source also warns crypto investors, especially those with bitcoins they bought low, to be very careful with platforms that they use since sign-up bonuses that look too generous should always be viewed with suspicion. The hunt for suspects in the downfall of CBEX highlights the attempts by law enforcement and regulatory bodies to curb scams in the constantly changing landscape of cryptocurrency.
Phoenix Group Increases Bitcoin Mining Investment in Ethiopia
Phoenix Group, a Dubai-based mining company, has expanded its Bitcoin mining facilities in Ethiopia by adding 50 MW of power capacity. This expansion is a significant step towards Phoenix Group’s international market presence as a leading Bitcoin miner. The company’s decision to expand in Ethiopia is based on the abundant hydroelectric power available in the country, which offers affordable and eco-friendly access for energy-intensive mining operations.
Phoenix Group plans to place itself among the top ten global crypto-mining companies, and this investment in Ethiopia supports this ambition. The Ethiopian and Zambian regions, with vast renewable energy resources, are attractive for large-scale mining operations. This allows miners to venture into emerging markets, create investment opportunities, and support the Bitcoin network, which is experiencing unprecedented activity.
