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Financial technology company DeFi Technologies Inc. (Nasdaq: DEFT) has made a strategic investment in Continental Stablecoin Inc. (CSI), the developer behind Nigeria’s cNGN stablecoin, through a Simple Agreement for Future Equity. The investment was made alongside Coinbase Ventures, Adaverse and other industry participants.
The move is part of DeFi Technologies’ strategy to support the development of regulated local currency stablecoins in Africa. Nigeria is a key focus market, where cNGN has already gained traction as a regulated digital payment instrument.
Nigeria now ranks first globally in stablecoin adoption and second in overall digital asset usage, according to the 2025 Report on the State of Digital Assets Regulation in Africa. More than 25.9 million Nigerians use stablecoins, representing a penetration rate of 11.9%. Adoption has been driven by demand for USD-pegged assets, cross-border payment solutions and recent regulatory updates, including formal recognition of digital assets as securities and updated banking guidelines for cryptocurrency firms.
CSI’s cNGN stablecoin is issued by Wrapped CBDC Limited, a joint venture involving Convexity, AlphaGeeks and Interstellar. The token is designed to enable secure, transparent and scalable digital payments within Nigeria and internationally.
As of 15 September 2025, cNGN had around 602.9 million tokens in circulation and had processed more than 75,000 on-chain transactions. Cumulative trading volumes exceeded 20.1 billion cNGN, with 164.4 million cNGN traded in the previous 24 hours.
Andrew Forson, President of DeFi Technologies, said the company views stablecoins as a foundational element of future financial systems.
"Stablecoins will form the backbone of modern financial systems."
"We believe that locally regulated, purpose-built stablecoins like cNGN will unlock scalable, real-world use cases in payments, savings, and commerce — and we're excited to support that future across Africa and beyond."
Andrew Forson, President, DeFi Technologies
The company said the investment complements its wider focus on compliant digital asset infrastructure. DeFi Technologies operates the Valour platform, which offers access to more than sixty-five digital assets via exchange traded products, and provides institutional services through subsidiaries including Stillman Digital, Reflexivity Research and Neuronomics.
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