…launches education drive, new partnership to drive inclusion


Paxful is making inroads into
Africa with its trusted platform for bitcoin trading which has achieved
widespread acceptance in other parts of the world.

The globally respected leading
peer-to-peer bitcoin marketplace, which has over 2 million users and
facilitated the trading of almost 500,000 bitcoins in their platform since its
inception, believes that the success of its business model and impressive track
record provide a strong platform for achieving greater financial inclusion in
Nigeria and other parts of Africa.
Paxful was launched in 2015 with
the goal of bringing more financial inclusion to the unbanked and underbanked
populations through decentralized, peer-to-peer access of bitcoin. Since then,
the platform has gained popularity, particularly in African countries. Paxful
connects bitcoin buyers and sellers on its platform, and users are able to buy
and sell bitcoin using over 300 different payment methods ranging from bank
transfers, debit and credit cards, and cash payments.

According to the World Bank,
nearly two billion people in the world have little or no access to traditional
financial services. In Africa, the statistics are ever grimmer: an overwhelming
percentage of adults on the continent are underbanked. Nigeria, Africa’s most
populous country and largest economy, reflects this trend. The World Bank has
estimated the number of unbanked Nigerian adults at about 100 million.
According to The Global Findex Database 2017, only 40% of Nigerian adults have
an account with a financial institution or a mobile money provider.
Paxful sees this as an
opportunity to grow its business and reduce this huge gap which has very
negative implications for the development of African nations. The marketplace
has seen significant growth in digital currency transactions on the African
continent in recent years, with the surge largely spearheaded by students and
graduates under 25.
“Africa leap-frogged to the forefront
of peer-to-peer finance adaptation. In 2018, our user base in Africa doubled,
with most customers being between 18 and 24,” said Artur Schaback, COO and
co-founder of Paxful. To increase access to the bitcoin economy for many more
youths on the African continent, Paxful is launching a series of educational
workshops across
Africa in 2019. This education
initiative kicked off in South Africa and Kenya in May, with Nigeria and Ghana
in the cards for later in the year. The workshops will cover the very basics
about bitcoin for novices and also further expand on innovative use cases and
business applications observed around the world for more experienced attendees.
“As a values-driven company, we
want to make the bitcoin economy accessible for everyone, especially the
underbanked. To this end, we would like to reach as many young people as
possible to help them understand the digital currency market and transact
safely and with confidence. Our aim is to continue to partner with customers
and other key stakeholders to ensure they are well informed about the
opportunities presented by peer-to-peer finance,” stated Ray Youssef, CEO, and
co-founder of Paxful.
This latest initiative forms part
of Paxful’s proven commitment to education, which includes building two schools
in East Africa under their #BuiltWithBitcoin charitable initiative, as well as
providing scholarships to young women in the Middle East and gave donations to
the GROW with Educare Centres project in South Africa. The company aims to
build 100 schools across developing countries and expand its scholarship
programs.

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