Global cryptocurrency firm Bybit eyes Kenya in Africa expansion strategy

Global cryptocurrency exchange firm Bybit has outlined plans to deepen its footprint in Africa, with Kenya among its key target markets.

During the Bybit Kenya Meetup held in Nairobi, the company’s Global Region and Business Development Executive Joshua Ya said Bybit is in the process of acquiring licences in various African countries including Kenya, Ethiopia, and Nigeria.

He emphasized the company's commitment to supporting Africa’s growing digital economy through decentralized finance and P2P trading.

“As we continue to grow our global presence, Africa remains a key market. We are working toward acquiring the necessary licences to operate in countries like Kenya,” said Ya.

The event brought together fintech leaders, blockchain entrepreneurs, crypto traders, and industry players to explore the future of digital assets and blockchain innovation on the continent.

Bybit Africa Regional Manager Wilson Ogheneovo addressed the recent cybersecurity incident involving a third-party platform that led to the theft of approximately 401,000 Ethereum, valued at nearly $1.5 billion.

He reassured stakeholders that Bybit users were not affected and emphasized the company’s commitment to security and collaboration with global cybersecurity experts.

“Our systems have always been safe and secure,” he noted, adding that the firm has taken steps to prevent future breaches.

Bybit also reaffirmed its long-term investment in Africa through collaborations with local companies, expansion of educational initiatives, and efforts to onboard more users into the crypto space.

The company aims to play a leading role in shaping Africa’s digital financial future by providing secure, user-friendly, and innovative trading solutions.