25 December 2023
Crypto exchange sets sights on Nigeria and Turkey, hires industry veteran for European expansion
Blockchain.com, a prominent Bitcoin infrastructure provider, has announced plans to increase its workforce by 25% in the first quarter of the year. The exchange aims to expand its presence in new markets, particularly Nigeria and Turkey. In addition to this expansion, Blockchain.com has hired Curtis Ting, formerly the head of global operations at Kraken, to establish the company’s new hub in Paris and create local entities across Europe. These efforts are in response to the need to adhere to new regulations and obtain local licenses in various jurisdictions.
Expanding into New Markets: Nigeria and Turkey
Blockchain.com is making significant moves to tap into the potential of emerging markets, with a particular focus on Nigeria and Turkey. These countries have shown increasing interest in cryptocurrencies and have seen a surge in adoption in recent years. By expanding its operations in these regions, Blockchain.com aims to provide access to its services and contribute to the growth of the crypto ecosystem.
Nigeria, Africa’s largest economy, has witnessed a remarkable rise in cryptocurrency usage. With a young and tech-savvy population, Nigerians have embraced digital currencies as an alternative to traditional banking systems. Blockchain.com’s entry into the Nigerian market could provide a secure platform for users to buy, sell, and store cryptocurrencies, fostering financial inclusion and empowering individuals with greater control over their finances.
Turkey, on the other hand, has experienced a surge in cryptocurrency trading volumes, driven by economic uncertainty and a depreciating national currency. Blockchain.com’s expansion into Turkey could offer a reliable and user-friendly platform for Turkish investors to engage in crypto trading, as well as access a range of other blockchain-related services.
Strengthening European Operations and Regulatory Compliance
To support its expansion plans and ensure compliance with evolving regulations, Blockchain.com has brought on board Curtis Ting, an industry veteran with experience in global operations. Ting’s role will involve setting up the company’s new hub in Paris and creating local entities across Europe.
Currently, Blockchain.com manages its European operations through a single entity based in London. However, as regulatory requirements become more stringent, the company recognizes the need to establish local entities in various European jurisdictions. This move will enable Blockchain.com to comply with local laws and regulations while providing its services to European customers.
Blockchain.com also plans to obtain more local licenses to further strengthen its regulatory compliance efforts. Chief Executive Officer Peter Smith emphasized the importance of adhering to regulations and stated that the company is committed to working closely with regulators to ensure the highest standards of security and transparency.
The Expertise of Curtis Ting
Curtis Ting’s appointment as part of Blockchain.com’s expansion strategy brings a wealth of experience to the company. As the former head of global operations at Kraken, Ting played a vital role in establishing and scaling one of the world’s leading cryptocurrency exchanges. His expertise in navigating regulatory landscapes and building local entities will be invaluable in Blockchain.com’s European expansion.
Conclusion:
Blockchain.com’s plans to expand its workforce and target new markets demonstrate the company’s commitment to furthering the adoption and accessibility of cryptocurrencies. By focusing on Nigeria and Turkey, two emerging markets with substantial growth potential, Blockchain.com aims to provide secure and user-friendly platforms for individuals to engage in cryptocurrency transactions. The addition of Curtis Ting to the team will strengthen the company’s European operations and enhance its ability to navigate regulatory complexities. As Blockchain.com continues to evolve and adapt to changing market conditions, its expansion efforts position it as a key player in the global crypto ecosystem.
