Quidax, a Nigerian startup that lets users buy and sell digital assets and provides liquidity to other startups, has expanded its business-to-business (B2B) operations across 21 corridors, including Nigeria, Ghana, and Kenya, deepening its push into stablecoin-based settlement infrastructure.
The shift toward enterprise-focused products is becoming more visible across the industry. On July 28, Luno, the UK-headquartered crypto company with a regional base in South Africa and operations in Nigeria, Kenya, and Uganda, said it would cut 20% of its global workforce as it increased its focus on institutional products and services amid weaker retail trading activity.
Bitcoin’s 24-hour trading volume on centralised exchanges currently stands at $30.43 billion, down from its $110 billion peak in November 2025, according to CoinMarketCap. Bitcoin’s market capitalisation has also fallen by about $455 billion since the start of 2026.
Prioritising other revenue streams, such as institutional infrastructure sales that typically generate more predictable revenue inflow, is a way to protect against dwindling volume on retail crypto trading.
Quidax is joining a growing group of African cryptocurrency companies, including Busha, Yellow Card, and Bitnob, that are expanding into stablecoin infrastructure services. On July 20, Busha Business, the B2B arm of Nigerian crypto startup Busha, partnered with Tether, the El Salvador-based stablecoin issuer, to distribute USDT to African businesses.
Busha said it currently serves over 1,500 businesses, including startups, medium- and small-sized enterprises (MSMEs), and larger enterprises. Quidax currently serves over 5,000 businesses across payments, remittance, gaming, and banking, according to the company.
The expansion reflects a broader trend toward unbundling crypto payment infrastructure into modular services that fintechs and other enterprises can integrate without building their own stablecoin settlement systems. Older startups with longer staying power, such as Quidax, are positioning themselves as infrastructure providers for businesses seeking outsourced wallet, liquidity, and settlement capabilities.
Yet, the reliability of those enterprise services depends on the underlying settlement infrastructure. Quidax said stablecoin payments on its platform settle in under 48 hours.
“We are expanding the infrastructure to make it easier for businesses to move value across different countries within Africa and beyond without having to go through a correspondent bank,” Morris Ebeiroma, Quidax’s co-founder and chief information officer, told TechCabal.
“With our stablecoin API [application programming interface] in West Africa, a company in Nigeria can move value to a partner in Ghana within minutes, compared with the current system, which can take up to 48 hours.”
Quidax said it generates revenue by charging businesses fees to convert local currencies into stablecoins and to redeem stablecoins into fiat currencies. The company noted that it customises pricing for each business based on expected transaction volumes, but declined to disclose transaction volumes processed through its partners.
Quidax is working with partners such as Chainalysis, a blockchain analytics company, and Tether to provide compliance and settlement infrastructure for enterprise customers.
Through its partnership with Tether, Quidax said enterprise customers can access dollar-backed stablecoins such as USDT and USA₮, as well as XAUt, Tether’s gold-backed stablecoin, for cross-border settlements, treasury operations, and digital-asset payment flows, according to the startup.
To support the expansion, Quidax said it added off-ramp (withdrawal) support for several African currencies, including the Nigerian Naira, Ghanaian Cedi, Kenyan Shilling, Ugandan Shilling, Tanzanian Shilling, Rwandan Franc, and South African Rand, alongside international currencies such as the US Dollar, Euro, Pound Sterling, Canadian Dollar, and Chinese Yuan.
Quidax’s enterprise customers include fintechs and neobanks using its wallet and payment infrastructure, remittance providers seeking lower-cost settlement, importers and exporters paying overseas suppliers, gaming and travel companies managing payouts and supplier settlements, and institutional clients conducting treasury and high-volume trading operations, according to the startup.
“Africa is home to the world’s fastest-growing economies, yet individuals and businesses pay an ‘African border levy’ every time they move money across the continent,” Buchi Okoro, Quidax’s chief executive officer and co-founder, said in a statement. “Our compliance-first stablecoin infrastructure was created to remove that levy and bring us closer to a world with zero financial borders.”
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