Giant Bitcoin peer-to-peer marketplace Paxful is building schools in Africa with crypto funds. The goal is to equip African people with advanced education to make the world a better place.
Mission to Empower Africa
The company P2P Bitcoin exchange has started an initiative“#BuiltWithBitcoin” to empower children of Africa with education using the power of cryptocurrency. According to Paxful CEO Ray Youssef:
“The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency. We firmly believe that it can improve lives and make the world a better place.”
The firm is establishing one school in Nigeria and the second one in Kenya. “We’re now installing solar panels, fencing the campus, and assembling the furniture for the students and staff,” Youssef added. The target is to finish “100 schools, water wells, and community gardens” with the funds received in digital assets, such as Bitcoin.
Two schools have already been completed in Rwanda, and each one of the schools builds with an investment of $100,000. According to the reports, the venture project has received 13 Bitcoin in donations for the empowerment of Africa.
Paxful has made enormous progress over recent years and is closed to overturn Localbitcoins. In the Chinese markets, it has already overturned Localbitcoins in trading volume.
Africa is a Hotspot of Crypto
African countries have become hotspots of cryptocurrency because residents prefer digital currencies due to the weak condition of their fiat currencies and weak local banking infrastructure.
As per the latest report, Nigeria is now the second-largest marketplace in Bitcoin after the United States. Over the last 5 years, Nigerians have traded about $566 million in the world’s leading digital currency. As per the data of Coin Dance, the crypto-inspired people have traded 20,504 Bitcoin so far in 2020.
Paxful also reported that 1.3 million new people have registered themselves between January and September over the platform, which is a 137% growth. Regional director of the company Nena Nwachukwu claims that people doing transactions in Bitcoin because they are much faster and cheaper than the traditional operators.
In Africa, people have more awareness and knowledge about crypto space than in other countries of the world. High inflation and the disrupted banking structure of the region are major driving forces in pushing cryptocurrency into the mainstream. Now, it is easy for Africans to move money in Bitcoin rather than in fiat currencies.