Nigerian blockchain infrastructure firm, Asset Chain, has unveiled its Layer-1 blockchain network aimed at transforming the way Nigerians trade digital and real-world assets. The new platform introduces a decentralised exchange (DEX) that allows seamless trading between cNGN—a Naira-backed stablecoin—and USDT, a dollar-pegged stablecoin, without traditional banking intermediaries.
The exchange is described as “gasless,” meaning users won’t pay any transaction fees, and settlements are instant. According to Ugochukwu Aronu, the company’s CEO and co-founder, the platform is built to remove friction and fraud from Nigeria’s informal yet booming P2P crypto market.
In 2024 alone, Nigeria recorded crypto transactions worth $59 billion, much of which happened through untraceable peer-to-peer exchanges. Asset Chain is stepping into this space to offer a more secure and transparent alternative through smart contracts that automate trades between buyers and sellers. These contracts verify transaction details and match participants based on pre-set conditions before completing exchanges without human involvement. So far, 200 traders and liquidity providers have joined the DEX, with many more indicating interest. The company is targeting ₦100 billion ($65 million) in trading volume within its first two months.
The DEX is currently invite-only, allowing serious users to help test the system and provide liquidity before a wider rollout. Asset Chain claims its blockchain can handle over 20,000 transactions per second and has been under development for years, with its testnet launched in 2024.
The platform is also courting developers to build additional crypto projects on its permissionless blockchain, joining the likes of Bantu in an effort to retain payment value within Africa. CEO Aronu emphasised the need for African users to stop enriching foreign platforms and instead focus on building local infrastructure that attracts global value.
Beyond digital currency trades, Asset Chain plans to enable tokenised trading of real-world Nigerian assets, including real estate, farm produce, and government bonds. Through partnerships such as one with Risevest, the platform aims to let everyday Nigerians and diaspora investors earn up to 15% annual yield by investing in these tokenised assets.
To ensure authenticity, issuers must undergo rigorous identity verification, insurance, and compliance procedures. With Assetbase already developing this integration, Asset Chain is positioning itself as a foundational infrastructure for local economic empowerment and broader financial inclusion.