Asset Chain, a Nigerian blockchain infrastructure startup, has officially launched its own Layer-1 (L1) blockchain network, purpose-built to redefine how Nigerians exchange both digital and real-world assets. Engineered for speed, security, and transparency, the platform offers a modern alternative to traditional financial systems and informal peer-to-peer (P2P) markets, eliminating the need for banks, brokers, or other intermediaries.
A New Era of Decentralized Trading
At the heart of Asset Chain’s launch is a decentralized exchange (DEX) that allows users to trade between USDT—a dollar-pegged stablecoin issued by Tether—and cNGN, a stablecoin backed by the Nigerian Naira. What sets this DEX apart is its “gasless” architecture: users can execute trades without paying transaction fees, a feature made possible through sponsored transactions on the Asset Chain network.
Ugochukwu Aronu, CEO and co-founder of Asset Chain, stated:
Traders can seamlessly convert cNGN to USDT without interacting with a third party, and settlements are processed instantly. There are no gas fees involved—transactions are completely free on our platform.
Tackling Nigeria’s Informal Crypto Market
Nigeria’s crypto market saw an estimated $59 billion in transaction volume in 2024, much of it occurring through informal P2P channels that are difficult to trace and often susceptible to fraud. Asset Chain is targeting this segment by offering a more secure and transparent alternative.
The DEX leverages smart contracts to automate trades, ensuring that transactions are executed only when predefined conditions are met. This removes the need for trust between buyers and sellers and eliminates reliance on centralized intermediaries. Once a trade is initiated, the smart contract verifies the terms and automatically matches and settles the transaction.
Early Adoption and Ambitious Goals
Since its launch, the platform has attracted over 200 traders and liquidity providers, with hundreds more expressing interest. Asset Chain has set an ambitious target of reaching ₦100 billion (approximately $65 million) in trading volume within its first 60 days. A company spokesperson emphasized that the platform is designed to be intuitive and user-friendly, offering a familiar experience to those accustomed to P2P exchanges, but with enhanced security, privacy, and user control over funds.
Controlled Rollout and Technical Capabilities
Currently, access to the Asset Chain blockchain is by invitation only. This phased rollout is intended to ensure that early users are committed participants who can provide liquidity and help test the system under real-world conditions. “The invite-only phase isn’t due to performance limitations—we’ve already validated the blockchain’s capabilities,” Aronu explained. “Our infrastructure can handle over 20,000 transactions per second.”
Asset Chain has been in development for several years, with a testnet launched in 2024. The blockchain is permissionless and developer-friendly, aiming to attract projects that can help retain financial value within Africa, rather than exporting it to global platforms.
Building Local Value and Tokenizing Real-World Assets
A key part of Asset Chain’s mission is to keep more financial value circulating within Nigeria and the broader African continent. Currently, when users stake assets or provide liquidity on global blockchains like Ethereum, Solana, or Base, the resulting total value locked (TVL) benefits those platforms. Asset Chain wants to reverse that trend. “Almost none of that value returns to Nigeria,” Aronu said. “We need our own infrastructure that not only supports local innovation but also captures global value.”
Looking beyond cryptocurrencies, Asset Chain plans to enable the tokenization of real-world assets such as real estate, agricultural commodities, and government bonds. This would allow users to invest in fractional ownership of properties or agricultural ventures, with all transactions recorded transparently on the blockchain.
To support this, Asset Chain has partnered with Risevest, a fintech investment platform, to offer Nigerians—including those in the diaspora—opportunities to earn up to 15% annual yields. Asset issuers must undergo rigorous identity verification, insurance, and compliance checks to ensure that digital tokens are backed by real, verifiable assets. A dedicated company, Assetbase, is already working to bring these tokenized assets to life on the Asset Chain network.
A Vision for Inclusive, Transparent Finance
If Asset Chain succeeds in scaling its platform and attracting a critical mass of users and developers, it could significantly reshape Nigeria’s financial landscape. By offering a secure, transparent, and locally controlled alternative to informal P2P trading, the platform has the potential to democratize access to investment opportunities and bring more Nigerians into the formal financial ecosystem.
