Blockchain.com Expands in Africa: Major Crypto Merger & Aleo’s Privacy Push

Blockchain.com Expands in Africa Amid Regulatory Progress

Blockchain.com is intensifying its presence in Africa, with a particular focus on Nigeria, which it describes as its “fastest-growing market” in West Africa. The UK-based exchange plans to open a physical office in Nigeria during the second quarter, as part of broader expansion efforts in Ghana, Kenya, and South Africa, according to a May 27 report by Bloomberg, cited by Cointelegraph.

Owenize Odia, Blockchain.com’s general manager for Africa, stated that Nigeria has made significant strides toward establishing a clear regulatory framework for cryptocurrencies. The company is prioritizing a license application in Nigeria, following the enactment of a new securities law covering digital assets. Ghana’s central bank has released draft guidelines with plans to regulate crypto platforms by September 2025, while Kenya remains in the research phase. Odia emphasized that regulatory intent is a key factor in Blockchain.com’s expansion strategy.

Blockchain.com reports that over three million wallets have been created in Nigeria, and the company claims 37 million verified users, 92 million wallets, and over $1 trillion in transaction volume globally. The company’s focus for the next 12 to 18 months includes securing local licenses, expanding its physical presence, growing local teams, and deepening trust with regulators and users. In 2022, Blockchain.com’s valuation rose from $5.2 billion to $14 billion before the collapse of Terra, but a $110 million Series E round in 2023 more than halved its 2022 valuation.

South Africa is also emerging as a regional hub for digital assets, with the Financial Sector Conduct Authority (FSCA) approving 59 crypto platform licenses by March 2024, while over 260 applications remain under review. Ben Caselin, chief marketing officer at Johannesburg-based exchange VALR, highlighted South Africa’s strong legal infrastructure and business-friendly environment as key attractions for crypto companies.

Country	Key Developments
Nigeria	3M+ wallets, new securities law, license application prioritized
Ghana	Draft guidelines, regulation planned by September 2025
South Africa	59 licenses approved, 260+ under review

Blockchain.com: 37 million verified users, 92 million wallets, $1 trillion+ in transaction volume
2022 valuation: $14 billion; 2023 valuation after Series E: more than halved

Summary: Blockchain.com is expanding in Africa, focusing on regulatory clarity and local market growth, with Nigeria and South Africa leading the continent’s crypto adoption and regulatory progress. (Source: Cointelegraph)

Signing Day Sports and BlockchAIn Digital Infrastructure Announce Major Business Combination

Signing Day Sports, Inc. (NYSE American: SGN) has signed a definitive business combination agreement to acquire 100% of One Blockchain LLC, the operating affiliate of BlockchAIn Digital Infrastructure. The combined entity will operate in the crypto mining, artificial intelligence (AI), and high-performance computing (HPC) data hosting markets, with plans for 200MW total power capacity from facilities in South Carolina and Texas, according to TradingView.

BlockchAIn Digital Infrastructure reported audited revenue of $26.8 million and net income of $5.7 million in 2024. The transaction includes an earnout if BlockchAIn Digital Infrastructure achieves or exceeds EBITDA of $25 million for 2026. The business combination will be completed at a significant premium to SGN’s current stock price, with the consideration to be paid at closing valued at approximately $215.0 million, at an implied diluted value per share for PubCo of $5.12.

The South Carolina facility currently operates at 40 MW, with expansion capability to 50 MW, and plans to transition to internally owned crypto mining in late 2025 or early 2026. A new 150MW facility in Texas is being commissioned, with the first 100MW focused on crypto mining and the remaining 50MW for AI and HPC data hosting. Upon closing, Signing Day Sports shareholders will receive approximately 8.5% of the combined company, while One Blockchain securityholders will receive about 91.5%.

Metric	Value
2024 Revenue	$26.8 million
2024 Net Income	$5.7 million
Transaction Value	$215.0 million
Implied Share Value	$5.12
South Carolina Facility	40 MW (expandable to 50 MW)
Texas Facility	150 MW (100 MW mining, 50 MW AI/HPC)

Earnout: Additional shares if EBITDA ≥ $25 million in 2026
Combined company to be traded on NYSE American

Summary: The merger between Signing Day Sports and BlockchAIn Digital Infrastructure creates a public company with significant crypto mining and AI data hosting capacity, backed by strong 2024 financials and ambitious expansion plans. (Source: TradingView)

ASIC Sues Former Blockchain Global Executive Over $20 Million in Unpaid Customer Claims

The Australian Securities and Investments Commission (ASIC) has filed civil charges against Liang “Allan” Guo, former director of Blockchain Global Ltd., over the alleged misuse of ACX customer funds totaling over $20 million. The investigation began in January 2024, following years of red flags, including a 2017 IPO stop order and an October 2023 liquidator report detailing misappropriated assets, as reported by Decrypt.

ACX, operated by Blockchain Global, froze withdrawals in late 2019, leaving over $20 million in claims from former customers. Liquidators estimate that ACX users are owed at least $22.7 million of the company’s total debt of $58.6 million to unsecured creditors. ASIC had previously halted Blockchain Global’s 2017 IPO bid and refused it a financial services license due to governance concerns. Guo left Australia in September 2024 after interim travel restrictions expired.

Liquidator Andrew Yeo found that customer funds were co-mingled with company money and redirected into related entities. Guo claimed that wallet credentials for Blockchain Global’s crypto holdings, worth several million dollars, were lost when his laptop was stolen in China in 2019, but no police report was filed. Other directors, including Xue “Sam” Lee and Zijang “Ryan” Xu, are also under investigation. In January 2024, Lee was charged in the U.S. with allegedly running a $1.89 billion Ponzi scheme under the HyperTech umbrella.

Key Figures	Value
Unpaid Customer Claims	$20 million+
Estimated User Debt	$22.7 million
Total Company Debt	$58.6 million
Ponzi Scheme Allegation (Sam Lee)	$1.89 billion

ASIC investigation began January 2024
Guo left Australia in September 2024
Customer funds allegedly co-mingled and redirected

Summary: ASIC’s lawsuit against former Blockchain Global executives highlights significant governance failures and the disappearance of millions in customer funds, with ongoing investigations into related Ponzi scheme allegations. (Source: Decrypt)

Aleo’s Vision: Zero-Knowledge Proofs and the Future of Private Blockchain

Howard Wu, co-author of foundational zero-knowledge (ZK) protocols like Zexe and DIZK, and founder of Aleo, discussed the evolution of ZK cryptography and the launch of Aleo, a Layer 1 blockchain built for programmable privacy, in an interview with HackerNoon. Wu emphasized the importance of privacy in the digital age, noting that more than 5 billion people use the internet, generating trillions of pieces of personally identifiable data.

Wu’s academic research at UC Berkeley led to the creation of Zexe, which attracted interest from major protocols and VCs. Aleo was founded to combine decentralization, programmability, and privacy. After years of development, Aleo launched with Coinbase and HashKey as Day-1 partners. Wu explained that privacy is difficult to achieve on public-by-default blockchains like Ethereum, prompting the need to build a private-by-default, ZK-friendly Layer 1 from scratch.

Aleo’s architecture allows users to submit transactions with a ZK proof of execution, enabling privacy and scalability. Wu highlighted that Aleo introduces compliance at every protocol level, with account view keys enabling on-chain access control for compliance teams. Aleo’s CodeSprint hackathon and partnership with Google Cloud aim to onboard developers and real-world use cases, including private stablecoins and verifiable private DeFi protocols.

“Aleo is built to scale user transactions and offer them true privacy using ZK cryptography. Instead of re-executing every transaction on the blockchain, on Aleo, users submit transactions with a ZK proof of execution, allowing the network to merely verify that the transaction was executed properly.” — Howard Wu, Aleo founder

Aleo: Layer 1 blockchain for programmable privacy
Key features: ZK proofs, private smart contracts, compliance tools
Partnerships: Coinbase, HashKey, Google Cloud
Developer initiatives: CodeSprint hackathon, Google Cloud integration

Summary: Aleo is pioneering a new blockchain paradigm with zero-knowledge proofs, focusing on privacy, compliance, and developer usability, and is supported by major industry partnerships and developer programs. (Source: HackerNoon)

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