DeFi Technologies, a Nasdaq-listed financial technology company, has announced a strategic investment in Continental Stablecoin Inc. (CSI), the firm developing infrastructure for Nigeria’s regulated Naira-pegged stablecoin, cNGN. The move, made through a Simple Agreement for Future Equity (SAFE), places DeFi Technologies alongside other key backers like Coinbase Ventures and Adaverse, signalling growing investor confidence in compliant, local-currency digital assets in Africa.
The investment is the latest indication that venture capital is shifting its focus from speculative consumer crypto platforms to the foundational financial infrastructure powered by blockchain.
A Regulated Local Alternative
Launched by a consortium of Nigerian financial and blockchain firms, the cNGN is a stablecoin pegged 1:1 to the Nigerian Naira. Unlike US dollar-pegged stablecoins like USDT and USDC that dominate the market, cNGN is designed to provide a stable digital representation of the local currency.
This positions it as a practical tool for domestic payments, commerce, and savings, directly addressing the needs of a market grappling with currency volatility and a high demand for efficient digital payment rails.
The project operates within the Nigerian Securities and Exchange Commission’s (SEC) regulatory framework, a crucial distinction that has attracted institutional interest. This regulatory clarity follows recent moves by the Central Bank of Nigeria to issue updated guidelines for banks engaging with virtual asset service providers, reversing previous restrictions and fostering a more integrated digital asset ecosystem.
“Stablecoins will form the backbone of modern financial systems,” said Andrew Forson, President of DeFi Technologies. “We believe that locally regulated, purpose-built stablecoins like cNGN will unlock scalable, real-world use cases in payments, savings, and commerce.”
Riding a Wave of Adoption
The investment comes as Nigeria solidifies its position as a global leader in digital asset adoption. According to a 2025 report on digital asset regulation in Africa, the country ranks first in stablecoin adoption and second in overall crypto usage, with nearly 26 million users.
This high adoption rate is largely driven by a search for financial tools that can hedge against inflation and streamline cross-border remittances. While USD-pegged stablecoins have historically filled this role, the emergence of a regulated, Naira-backed alternative offers a new avenue for both individuals and businesses.
cNGN has demonstrated significant early traction since its launch. As of mid-September 2025, the stablecoin has approximately 603 million tokens in circulation. It has processed over 75,000 on-chain transactions, with a cumulative trading volume exceeding 20 billion cNGN, showcasing its growing integration into Nigeria’s financial landscape.
The Infrastructure Play
For investors like DeFi Technologies and Coinbase Ventures, the appeal of cNGN lies in its potential to become a core piece of financial plumbing. By providing a programmable and borderless version of the Naira, it enables fintechs, banks, and payment processors to build more efficient services.
This focus on B2B infrastructure marks a strategic pivot in the African tech ecosystem, moving away from the high-burn, consumer-facing crypto exchanges that struggled in the last market downturn. The new wave of investment is targeting the rails, not just the retail applications that run on them.
DeFi Technologies’ investment in CSI complements its global strategy, which includes its Valour ETP platform in Europe and digital asset treasury solutions. By backing cNGN, the firm is betting that the future of finance in emerging markets will be built on regulated, blockchain-based infrastructure tailored to local economic realities.