Weekly Crypto Update from Africa: Onafriq Chooses USDC, Nigeria Pursues Suspects from CBEX Failure, Phoenix Group Boosts Bitcoin Mining in Ethiopia

This week’s prominent stories from Africa’s crypto sector include Onafriq’s USDC collaboration, Nigeria’s action against CBEX fraudsters, and Phoenix Group’s expansion in Bitcoin mining.

Onafriq Partners with Circle for Cross-Border Payments

South Africa-based Onafriq is teaming up with USDC issuer Circle to enhance cross-border transactions. This partnership is set to utilize USDC for settlements across 40 nations, enabling users to engage in some of the hottest presales of 2025.

Nigeria Targets Eight Suspects Over CBEX Collapse

In the wake of the CBEX exchange’s downfall, Nigeria’s Economic and Financial Crimes Commission has initiated a manhunt for eight individuals believed to be involved, including four from Kenya.

Phoenix Group Expands Bitcoin Mining Operations in Ethiopia

UAE-based Phoenix Group has added 50 MW to its Bitcoin mining capacity in Ethiopia, now totaling 130 MW. This initiative places Phoenix Group as a significant player in global Bitcoin mining, driven largely by Ethiopia’s renewable energy resources.

Milestone Achieved! Phoenix Group adds 52MW of Bitcoin mining capacity in Ethiopia, bringing the country’s total to 132MW and our global capacity to 500+ MW across 5 countries. Powered 90% by clean hydropower, enabling scalable and sustainable mining.

The last week of April highlighted transformative developments in the African crypto landscape. Continue to stay informed about trends and opportunities emerging from the continent.