Africa Crypto Week in Review:  Onafriq Taps USDC, Nigeria After 8 Suspects Following CBEX Collapse, Phoenix Group Expands Bitcoin Mining Operations In Ethiopia

Top Africa crypto news features Onafriq adopting USDC as Nigeria hunts CBEX scammers. In Ethiopia, Phoenix Group is expanding its Bitcoin mining operations.

The last week of April brought several notable crypto stories from Africa. African payment service provider Onafriq is leveraging USDC to enhance cross-border settlements. Meanwhile, Nigeria is pursuing eight individuals, including four Kenyans, over the CBEX collapse. In Ethiopia, UAE-based Phoenix Group has allocated additional resources to its Bitcoin mining operations.

Let’s explore these headlines from the continent this week:

Africa Crypto News: Onafriq Partners with Circle for Continental Payments

South Africa-based payment infrastructure provider Onafriq is partnering with USDC issuer Circle to streamline cross-border payments across Africa. Its network spans 40 countries, connecting millions of users who are, in turn, empowered to participate in some of the hottest presales in 2025.

This partnership introduces cross-border settlements in USDC, a stablecoin that combines the efficiency of a digital international payment system with the stability of the world’s de facto reserve currency.

African countries often face fragmented payment systems and currencies, leading to bureaucratic international settlements.

This blockchain-based solution offers institutions and individuals a faster and more cost-effective option. Stablecoins are a cornerstone of modern crypto trading, blending the convenience of digital currencies with the relative stability of national currencies.

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Nigeria Crypto News: Nigeria Targets Eight Individuals Over CBEX Collapse

The recent collapse of the African crypto exchange CBEX continues to make headlines as investigations deepen.

The Economic and Financial Crimes Commission of Nigeria has launched a manhunt for eight suspects, four Nigerians and four Kenyans, believed to be behind the exchange’s failure.

CBEX appears to have been a fraudulent operation, with its extravagant promises far exceeding standard financial market returns.

Scams and fraudulent platforms remain a big challenge in the crypto space. Crypto enthusiasts, especially those who hold some of the best cryptos to buy, must verify their platforms and stay cautious of offers that seem too good to be true.

Ethiopia Crypto News: Phoenix Group Expands Bitcoin Mining Investment

UAE-based mining company Phoenix Group has added 50 MW to its Bitcoin mining operations in Ethiopia, increasing its total power allocation to 130 MW. This expansion solidifies its position as a leading international Bitcoin miner.

New 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.

تم تحقيق إنجاز جديد!… pic.twitter.com/RE7Ss6K9rf

— Phoenix Group (@phoenixgroupuae) April 29, 2025

The abundant hydroelectric power in Ethiopia allows Phoenix Group to access affordable, environmentally sustainable energy. Notably, the company aims to rank among the top ten global crypto-mining firms, and this investment underscores its commitment to that goal. With more miners, the Bitcoin hash rate is at near all-time highs.

(Source)

Bitcoin mining in African countries like Ethiopia and Zambia, which offer ample renewable energy, presents a viable opportunity. These factors enable large miners to explore emerging markets and create mutually beneficial investments across the continent.

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