Africa Crypto Week in Summary:  Onafriq Utilizes USDC, Nigeria Prosecutes 8 Individuals Following CBEX Downfall, Phoenix Group Enhances BTC Mining Activities In Ethiopia

This week’s top crypto update from Africa highlights Onafriq’s adoption of USDC as Nigeria seeks CBEX fraudsters. In Ethiopia, Phoenix Group is ramping up its Bitcoin block rewards efforts.

The final week of April unveiled significant crypto developments across Africa. Onafriq, a payment service provider, is utilizing USDC to improve cross-border transactions. Simultaneously, Nigeria is pursuing a manhunt for eight suspects, including four from Kenya, tied to the collapse of CBEX. In Ethiopia, Phoenix Group, based in the UAE, is bolstering its BTC crypto mining capabilities.

Let’s dive into these headlines emerging from the continent this week:

Africa Crypto News: Onafriq Collaborates with Circle for Payments Across the Continent

Onafriq, located in South Africa, is partnering with Circle, the issuer of USDC, to facilitate cross-border payments throughout Africa. Its network covers 40 nations, connecting millions of users who are enabled to engage in some of the most promising presales of 2025.

This partnership introduces USDC for international settlements, a stablecoin that merges the efficiency of digital payments with the reliability of the world’s primary reserve currency.

African nations frequently encounter disjointed payment systems and currencies, which result in complicated international settlements.

This blockchain-driven approach provides both institutions and individuals with swifter and more economical alternatives. Stablecoins have become essential to modern crypto trading, fusing the benefits of digital currencies with the relative steadiness of fiat currencies.

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Nigeria Crypto News: Nigeria Pursues Eight Suspects Linked to CBEX Collapse

The collapse of the CBEX cryptocurrency trading network continues to garner attention as investigations escalate.

Nigeria’s Economic and Financial Crimes Commission has initiated a search for eight individuals, comprising four Nigerians and four Kenyans, believed to be responsible for the exchange’s downfall.

CBEX seems to have been operating fraudulently, with promises that far surpassed typical financial crypto market returns.

Fraudulent schemes and scams remain significant concerns in the crypto industry. Investors, particularly those interested in the top cryptocurrencies to invest in, must ensure the platforms they use are legitimate and remain cautious of deals that seem too advantageous.

Ethiopia Crypto News: Phoenix Group Enhances Bitcoin Crypto mining Investment

Phoenix Group, a crypto mining firm based in the UAE, has added 50 MW to its Bitcoin mining initiative in Ethiopia, raising its total power capacity to 130 MW. This advancement reinforces its status as a prominent global BTC miner.

New Achievement Unlocked!
Phoenix Group increases BTC mining capacity by 52MW in Ethiopia, expanding the country’s total to 132MW and our global capability to over 500 MW across five nations.
Powered 90% by clean hydropower, facilitating scalable and eco-friendly block rewards.

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

— Phoenix Group (@phoenixgroupuae) April 29, 2025

The rich hydroelectric resources in Ethiopia allow Phoenix Group to tap into affordable, sustainable energy. The company aims to rank among the top ten global crypto-mining companies, and this funding reiterates its dedication to that target. As more miners join, the BTC hash rate is reaching historic peaks.

 

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Bitcoin mining in regions of Africa such as Ethiopia and Zambia, which possess significant renewable energy resources, offers a promising opportunity. These elements enable large-scale miners to venture into new markets and establish mutually beneficial investments across the continent.

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The article Africa Crypto Week in Review:  Onafriq Taps USDC, Nigeria After 8 Suspects Following CBEX Collapse, Phoenix Group Expands BTC Block rewards Operations In Ethiopia was originally published on 99Bitcoins.