• Nigerian Web3 founders raised $43 million in 2025, more than doubling the $20 million recorded in 2024.
• The finance sector captured 89% of total funding ($38 million), a five-fold increase from 2024, driven by stablecoin-focused startups.
• Nigeria led in 24-hour stablecoin P2P transfer volume on centralized exchanges, reaching $48.2 million in 2025.
• Nigeria contributes 4% of all global Web3 developers, the highest in Africa, with the local talent base growing 36% year-over-year in 2025

Hashed Emergent, the venture capital firm accelerating Web3 adoption in Africa and other emerging markets has announced the release of the second edition of the “Nigeria Web3 Landscape Report 2025.”

The landmark report reveals a maturing ecosystem that has successfully transitioned from early-stage foundations to a phase of consolidation, marked by a significant investment rebound and Nigeria’s continued dominance as Africa’s leading Web3 developer hub.

Drawing on extensive ecosystem interviews, primary research, and platform data, the 2025 report positions Nigeria as a critical anchor for global Web3 and blockchain adoption.

Despite a complex regulatory environment, the nation’s resilient founders and deep talent pool have propelled the ecosystem forward, with on-chain value received rising 56% year-over-year to $92 billion.

“Nigeria’s momentum in Web3 has evolved beyond early adoption into a mature, utility-driven ecosystem, positioning the country as a key force in shaping both local and global web3 economy,” said Tak Lee, CEO and Managing Partner at Hashed Emergent.”

“With strong fundamentals across talent, stablecoin usage, and real-world applications, Nigeria is not only leading Africa’s Web3 growth but is increasingly defining how the continent participates in the global Web3 economy.”

Industry conversations about Web3 in Nigeria can sometimes lean heavily on momentum without fully capturing the structural shifts happening underneath. As the lead researcher of the report, Uchenna Edeoga, Associate, Platform (Africa), Hashed Emergent, stated,

“This report aimed to bring more clarity to that picture through research, ecosystem engagement and market insight, highlighting not just the progress being made, but also the opportunities, constraints and signals that matter for the next phase of growth. This will serve as a useful resource for stakeholders looking to understand the ecosystem more deeply and engage it more effectively.”

A Resilient Investment Landscape: Funding More Than Doubles

After a slowdown in 2024, investment activity in Nigeria’s Web3 sector rebounded sharply in 2025. Nigerian founders raised $43 million, more than double the $20 million recorded the previous year.

This growth was characterized by a concentration of capital in fewer, high-impact sectors, with scale capital modestly returning at the Series A stage, a clear signal of early ecosystem maturity.

The finance sector emerged as the undisputed leader, capturing 89% of total funding at $38 million, a five-fold increase from 2024.

This surge was primarily driven by a wave of stablecoin-focused startups tackling real-world financial problems, including payments, on/off-ramps, and B2B cross-border transactions.

Stablecoins: The New Backbone of Nigerian Finance

Nigeria has solidified its position as a global stablecoin hub. The report highlights a staggering 9,000% growth in stablecoin deposits between 2018 and 2025.

In 2025 alone, Nigeria led in 24-hour stablecoin P2P transfer volume on centralized exchanges, reaching $48.2 million.

This shift reflects a broader trend: for many Nigerians, crypto is no longer speculative, it is a practical tool for hedging against inflation and facilitating efficient remittances across regional and global corridors.

Developer Talent: Nigeria’s Competitive Advantage

Nigeria’s developer ecosystem remains its strongest growth signal. The country now accounts for 4% of all global Web3 developers, the highest contribution from any African nation. The talent base is rapidly maturing, recording a 36% year-over-year growth in 2025.

While the ecosystem is expanding, the report notes that 53% of developers have never worked with global teams, highlighting a critical opportunity for better-aligned incentives and international integration to retain top-tier talent.

Regulatory Progress Amidst Implementation Uncertainty

The regulatory landscape in 2025 saw significant milestones, including the SEC Nigeria’s formal recognition of digital assets as securities under the Investment and Securities Act (ISA) 2025. Additionally, a new tax framework has provided much-needed clarity on the treatment of digital assets within the national tax system.

While implementation uncertainty and enforcement gaps remain, the overall trajectory is positive, supported by increasing engagement between Web3 stakeholders and regulators.

Looking Ahead

The Nigeria Web3 Landscape Report 2025 concludes that the nation’s growth trajectory is robust, anchored by technical innovation and entrepreneurial resilience.

Hashed Emergent remains committed to backing early-stage founders in Nigeria, providing the capital and strategic mentorship needed to accelerate the nation’s ascent as a global Web3 leader.

The full report was prepared in collaboration with knowledge partners: Quidax, Convexity, Web3bridge, Guild Academy, and Infusion Lawyers.

Full report here.

Similar scenes played out simultaneously across 18 cities in four African countries—from Nairobi’s tech hubs to Accra’s bustling business districts.

This synchronized celebration marked the continent’s largest coordinated cryptocurrency event: Bitcoin Pizza Day Fest.

“Most people focus on what those Bitcoins would be worth today—over $1 billion,” says Obinna Iwuno, founder of Crypto Bootcamp Community (CBC), the organization behind the continental festival. “But they miss the revolutionary act itself—the moment cryptocurrency transformed from theoretical concept to practical currency.”

Iwuno, a former image developer who discovered Bitcoin in 2016, has built what Bloomberg Intelligence analysts now recognize as Africa’s most expansive grassroots crypto education network.

In just four years, CBC’s Bitcoin Pizza Day initiative has expanded from a modest gathering in Lagos to a synchronized festival spanning 16 countries, with both Francophone and Anglophone participation.

Reframing a Crypto Legend

Bitcoin Pizza Day commemorates May 22, 2010, when programmer Laszlo Hanyecz paid 10,000 Bitcoin—then worth about $41—for two Papa John’s pizzas. What seemed unremarkable at the time is now cryptocurrency folklore: those bitcoins would be worth over a billion dollars today.

“The narrative had become distorted,” Iwuno explains during a video call from CBC’s Lagos headquarters. “People called Hanyecz foolish, but without that transaction, would Bitcoin have evolved from a programmer’s experiment to a global asset class? Someone needed to be first.”

This perspective informs CBC’s approach. Rather than focusing on speculation and price movements, their events emphasize Bitcoin’s utility, history, and practical applications.

Since 2022, CBC has organized over 80 Bitcoin Pizza Day events across 15 African countries, reaching more than 50,000 participants.

“We don’t sell get-rich-quick schemes,” says Iwuno. “We’re building infrastructure for a continent where 57% of adults remain unbanked, where remittance costs average 8.9%, and where currency devaluations are routine political risks.”

Measuring Real Impact

The metrics behind CBC’s work reveal substantial influence. The organization has directly onboarded over 20,000 Africans into the cryptocurrency ecosystem through their events.

More significantly, their educational initiatives have catalyzed the formation of independent Bitcoin clubs, circular economies, and entrepreneurial ventures across the continent.

“We track three outcomes,” explains Iwuno. “First, everyday citizens acquiring their first bitcoin. Second, local businesses accepting cryptocurrency payments. Third, developers building Africa-focused blockchain solutions.”

This approach has attracted corporate partners including Tether, Yellow Card, Quidax, and Roqqu, who see CBC’s community-first strategy as key to sustainable adoption in African markets.

Prolific Crypto Marketer Caleb Nnamani notes:

“What distinguishes CBC’s approach is their focus on use cases relevant to local economic conditions—cross-border payments, remittances, and inflation hedging—rather than speculative trading.”

Building Pan-African Infrastructure

CBC’s ambitions extend beyond annual celebrations. The organization has developed an infrastructure plan targeting all 54 African countries, with a goal of onboarding 10 million Africans into the Bitcoin economy by 2030.

“We’re creating an interconnected network of knowledgeable communities,” says Iwuno. “When regulatory frameworks mature or institutional adoption accelerates, these communities will form the backbone of Africa’s cryptocurrency ecosystem.”

This vision positions CBC at the intersection of two powerful trends: Africa’s demographic dividend (with 60% of the population under 25) and cryptocurrency’s promise of financial inclusion. The continent’s high mobile penetration rates—exceeding 80% in key markets—provide the technological foundation for this vision.

“Africa doesn’t need to replicate Western financial infrastructure,” Iwuno argues. “We can leapfrog directly to decentralized systems built on open protocols.”

A Global Movement with African Characteristics

What began as a commemorative event has evolved into something more significant: a uniquely African expression of global cryptocurrency culture.

CBC’s Pizza Day festivities incorporate local music, art, and cuisine while maintaining the universal symbolism of Bitcoin’s first real-world transaction.

This cultural adaptation has proven contagious. Since CBC’s first coordinated event in 2022, Bitcoin Pizza Day celebrations have proliferated across Africa, with competing organizations and companies now marking the occasion on their annual calendars.

“We’ve ignited something that’s bigger than us,” reflects Iwuno. “That’s how movements begin—someone takes a familiar story and recontextualizes it for new circumstances.”

For a continent often relegated to the periphery of financial innovation, CBC’s work represents something profound: ownership of a global narrative and its adaptation to local conditions.

As Iwuno prepares for this year’s expanded Bitcoin Pizza Day Fest, his ambitions have already outgrown the annual celebration.

“When every African village has a Bitcoin circular economy,” he says, “we’ll have accomplished our mission. The pizza story is just the beginning.”

Iwuno has expressed desire for more partnerships and collaborations. He can be contacted here.

For others, it’s the perfect opportunity to re-strategize, diversify their investments, and potentially make big gains to achieve those big dreams.

Whatever the case, the crypto market holds lots of promises for the new year. Let’s look at some of the major milestones we could see from Bitcoin and the broader crypto market in 2025.

Bitcoin to Reach $250,000?

After reaching an all-time high price of over $108,000 in December 2024, many industry experts have Bitcoin price predictions between $200,000 and $250,000 by 2025. That’s at least double the highest price Bitcoin reached last year.

According to Tomisin Olatunji, a crypto analyst at Quidax, several factors will play significant roles in shaping the crypto landscape this year.

These include Donald Trump’s return to the White House, marking a potential shift in U.S. economic and regulatory policies, which could influence global markets, including cryptocurrency.

The anticipated approval of more crypto exchange-traded funds (ETFs) is also expected to drive mainstream adoption by providing easier access to digital assets for retail and institutional investors.

Stronger institutional interest in Bitcoin, fueled by its growing recognition as a hedge against inflation and a store of value, will further solidify its position in the financial ecosystem and contribute to market growth.

A New Altcoin Season

While Bitcoin did pretty well in 2024, altcoins also had a great year. Altcoins like XRP, Hedera (HBAR), and Stellar (XLM) outshined Bitcoin’s gains during the year. But some analysts have predicted that the real altcoin season is coming in 2025.

An altcoin season happens when the broader altcoin market increases and Bitcoin dominance reduces. The period often always follows a season of Bitcoin highs, then altcoin take over when the Bitcoin price falls.

They also believe AI and decentralized finance (DeFi)-related altcoins will lead the charge during the next altcoin season.

More Crypto ETFs

Following the approval of spot Bitcoin and spot Ether exchange-traded funds (ETFs) in 2024, more asset management companies have been pushing for the approval of more spot crypto ETFs.

According to Bloomberg, ETFs will be hot in 2025, and many ETF companies are competing with their filings pending approvals by the US Securities and Exchange Commission (SEC).

Some of the cryptocurrencies that could see their ETFs launched are Litecoin (LTC), Solana (SOL) and XRP. Some analysts say we may also see Bitcoin ETFs expand beyond the spot market as new ETFs with Bitcoin options will be created in 2025.

Friendlier Crypto Regulations

There was decent progress in terms of crypto regulations around the world in 2024. For instance, the Nigeria SEC paved the way for a potential broader crypto regulation in the country by issuing Quidax a provisional licence.

Similarly, South Africa approved 248 crypto asset service provider (CASP) licences in December 2024. Don’t forget that countries like El Salvador and the Central African Republic (CAR) already consider Bitcoin legal.

Looking ahead in 2025, many analysts believe that the crypto market will finally get the regulatory clarity it needs, starting from the US.

After appointing David Sacks as his crypto and artificial intelligence (AI) czar, Donald Trump said “He will work on a legal framework so the crypto industry has the clarity it has been asking for.” If he stays true to his words, we may be getting friendlier crypto regulations soon, especially since Trump and Sacks are pro-crypto. Olatunji believes this guarantees opportunities for Africa and Nigeria. “Crypto provides Nigerians with a unique opportunity to participate in the global economy,” he stated. “Crypto offers people an opportunity to make money, and as the market evolves and activities increase, we anticipate this momentum will positively impact the Nigerian economy, driving innovation, job creation, and financial inclusion.”

Strategic Bitcoin Reserves

There have been lots of conversations around a potential strategic Bitcoin reserve in the US this year. But it’s not only the American country that’s considering buying and storing Bitcoin in its government coffers.

Countries like Switzerland, Germany, Hong Kong, Russia, Brazil, and Poland are taking steps to explore storing Bitcoin as a strategic asset. If they pull it off, they’ll follow in the footsteps of countries like El Salvador, Finland, and Georgia, which already have decent chunks of Bitcoin reserves.

More Interest Rate Cuts

The US Federal Reserve introduced a 0.25% interest rate reduction in December 2024. At the time, it was the third consecutive interest rate cut. But there are reports of further rate reductions in 2025.

If these are anything to go by, the US Fed will likely reduce interest rates a couple more times down the year.

Countries like the UK are also likely to lower interest rates due to high inflation rates. Lower interest rates will cause more people to switch from regular financial products to riskier investment options like cryptocurrencies because of their potentially higher gains.

Final Thoughts

There’s a huge expectation for the crypto industry this year. Though the year has started off well with coin prices rediscovering bullish trends, there’s more to come as the year goes by.

As a trader or investor, you want to position yourself properly and be ready for the market’s major moves. May the markets move in your favour.

How has the crypto industry been performing recently?

The past few months have been remarkable. Bitcoin and cryptocurrency, in general, have seen significant growth, thanks, partially to the Trump-Pump, or Trump Effect, following the election of President-elect Donald Trump.

This is creating more optimism, interest and activity in the market. This is an exciting time for the industry, as more people are recognizing its potential. His nomination of pro-crypto advocate Paul Atkins to lead the Securities and Exchange Commission further improved confidence in the market and indicates President-elect Trump’s potentially favorable stance on cryptocurrencies.

We’ve also observed increased regulation and licensing efforts, which are positive developments. These steps provide clarity and a structured framework for operators to participate in the ecosystem. The Nigerian crypto industry is experiencing a pivotal moment, and it’s fantastic to see stakeholders moving toward creating a robust and sustainable market.

The Nigerian Securities and Exchange Commission (SEC) in particular has taken commendable steps, including bringing operators into the sandbox and issuing licenses under a well-defined framework. This bold move has made it easier for companies like Quidax to engage in the ecosystem confidently and securely.

What has Quidax’s experience been like working with the SEC?

Our journey with the SEC has been long and evolving. We started the process some time  ago, but things shifted dramatically in 2024 with the arrival of the new administration at the SEC, led by the Director-General, Dr. Emomotimi Agama.

This leadership team truly understands cryptocurrency and digital assets, and their knowledge was evident in the new licensing framework they developed.

Engaging with the SEC now is like night and day compared to previous years. The new leadership, including the board, Director-General, and executive commissioners, brought a fresh perspective. Their proactive approach has been a game changer, making it easier for operators to align with regulatory expectations.

Do you feel the new SEC administration understands digital assets better than before?

Absolutely. The current administration has demonstrated a deeper understanding of digital assets, and this clarity is reflected in how they engage with the industry. As the No 2 worldwide in crypto adoption, as stated by ChainAnalysis report, Nigeria has an important role to play in the global cryptocurrency ecosystem, and the SEC’s framework enables us to participate meaningfully and capture value locally from the global industry.

Having this structure in place ensures that operators, investors, and the government can all benefit. It’s a significant step forward for digital inclusion and economic growth.

What is the broader impact of cryptocurrency in Nigeria?

Cryptocurrency offers immense potential for Nigeria. On a personal level, it provides individuals with opportunities to invest, earn, and create wealth. Beyond that, it drives innovation, job creation, and entrepreneurship.

Nigeria is already ranked No. 2 globally in crypto adoption, according to ChainAnalysis. Without a clear framework, however, we risk losing out on foreign direct investment (FDI) in this space. In the absence of regulatory clarity, much of the value generated within Nigeria’s crypto ecosystem flows out, boosting foreign companies without benefiting our local economy.

When you consider the tax revenue potential and the ability to support startups building in Nigeria, the opportunities are immense. With the right regulatory environment, we can unlock a new wave of growth and innovation.

How does Quidax contribute to the crypto ecosystem?

Our role is to provide a safe, secure, and reliable platform for crypto transactions. We ensure that customers are properly verified through Know Your Customer (KYC) processes and that their investments are secure.

We’re also committed to collaboration. Whether it’s working with regulators, law enforcement, or other stakeholders, our goal is to create a safe ecosystem for everyone.

Quidax enables customers  to seamlessly buy, sell, and move digital assets within a regulated environment, making it easier for people to participate in the crypto economy.

What is your outlook for the crypto industry in 2025?

Globally, 2025 will likely be an exciting year for cryptocurrency. The optimism following recent market rallies, driven partly by global events like the U.S. election, suggests continued momentum. I’m cautiously optimistic about sustained growth in the market.

In Nigeria, the crypto industry is poised for even greater impact. Cryptocurrency provides a unique avenue for Nigerians to connect with the global economy, offering opportunities for financial growth and innovation.

With platforms like Quidax leading the way, we’ll see increased adoption, better education, and a more vibrant ecosystem.

Is Nigeria’s regulatory environment ready to support the crypto industry’s growth?

The current framework is a massive leap forward compared to where we were just a few years ago. However, regulation is an evolving process, especially in an industry as dynamic as crypto.

As operators, regulators, and other stakeholders continue to learn and adapt, I believe we’ll see even more refined policies that ensure investor safety and market stability.

This is the SEC’s primary mandate and we’re committed to working closely with the regulators to build a thriving and secure ecosystem.

Highlighting the potential for increased foreign direct investment (FDI), job creation, and digital inclusion, Buchi Okoro, Quidax’s CEO, emphasized the opportunities unlocked by the recent regulatory advancements.

Speaking during an interview, Okoro said that the introduction of the SEC’s structured licensing framework in 2024 represents a watershed moment for the industry.

“The new administration at the SEC has demonstrated a profound understanding of cryptocurrency and digital assets. Their proactive and collaborative approach has brought clarity to the ecosystem, creating an enabling environment for operators, investors, and the government to thrive,” Okoro stated.

Quidax’s journey with the SEC reflects the significance of the framework in driving industry growth. “Our experience with the SEC has evolved dramatically over the years. The new leadership’s knowledge and fresh perspective have made it easier for operators to align with regulatory expectations” said Okoro.

As Nigeria ranks second globally in cryptocurrency adoption, according to Chainalysis, Okoro stressed the importance of capturing local value from the burgeoning industry.

“With a clear regulatory framework, we can attract significant foreign direct investment and retain value within Nigeria’s economy. This framework ensures that the benefits of cryptocurrency – from tax revenues to job creation and entrepreneurial opportunities – are realized domestically,” he added.

Quidax’s role in the ecosystem goes beyond providing a secure and reliable platform for transactions. By ensuring compliance through robust Know Your Customer (KYC) processes and collaborating with regulators and stakeholders, the company is helping to build a safe and sustainable ecosystem for cryptocurrency in Nigeria.

“Our mission is to make cryptocurrency accessible while maintaining high standards of security and transparency. Licensed exchanges like Quidax enable Nigerians to seamlessly participate in the global digital economy with confidence,” Okoro said.

Quidax reaffirmed its commitment to working closely with the SEC and other stakeholders to foster innovation, protect investors, and create opportunities that position Nigeria as a leading player in the global digital economy.

With its digital assets license, Quidax is now able to collaborate with banks and other financial institutions, subject to the Central Bank of Nigeria’s approval.

This license also fosters trust in cryptocurrency and protection for crypto enthusiasts in Nigeria.