Paxful - Afrikan Heroes

Africa Set to Lead the Financial Revolution

February 1, 2022

By Ray Youssef

All eyes are on Africa as the continent is emerging as a leader in the movement towards global bitcoin adoption. Despite ongoing challenges of the pandemic and government restrictions on the use of digital currencies, we saw the crypto economy continue to thrive. Last year, Africa was cited as the third-fastest growing cryptocurrency economy with Kenya, Nigeria, South Africa, and Tanzania ranking in Chainanalysis’ Top 20 Global Crypto Adoption Index. 2022 will be no exception. Africa is on track to see another unprecedented year of growth – and the following 3 trends serve as a signal for its continued momentum over the next 12 months.

Ray Youssef the Co-Founder & CEO, Paxful — ***Ray Youssef, Co-Founder & CEO, Paxful***

Bitcoin offers a more efficient way to transact money and gives developing countries access to the global economy. Africans are using Bitcoin to satisfy both personal finance needs and entrepreneurial ventures including remittance, e-commerce, payments, wealth preservation, and social good. In a region where over half of the population is without a traditional bank account, peer-to-peer finance provides an opportunity for financial inclusion.

When faced with limited options, Africans are innovating and finding their own solutions, building their own side-hustles and businesses. At Paxful, we’re seeing the growing utility of bitcoin first hand. Over 33% of Paxful’s users are in Africa – with Nigeria being the largest market, with over $2B in volume, to date.

While peer-to-peer platforms are the engine behind the rapid growth of Bitcoin adoption across Africa, the people are the driving force. Africa is leading in grassroots adoption, and it can largely be attributed to the intense work ethic of the Nigerian youth. They are single-handedly setting the global standards for bitcoin adoption around the world.

Emerging Young Leaders

The youth is the most important backbone of any nation. The stronger the youth, the greater the opportunity a country has for economic development. This speaks volumes for Nigeria as they have one of the youngest populations in the world with over 75% of its population under the age of 35. Ingenious and resourceful, they are redefining our understanding of the use cases of Bitcoin and the opportunities it presents for financial inclusion.

Take Paxful user Joseph Ebuka for example. He uses Bitcoin to buy art pieces for his freelance art business. Most of his earnings are in crypto and it’s more convenient for him to pay for goods and services with Bitcoin. Stories like Ebuka’s highlight the importance of Bitcoin in day-to-day transactions and its true purpose as a means of exchange.

Blockchain technology is raising an entirely new generation of visionaries and doers and it continues to evolve everyday. Innovative and resourceful, the youth of Africa have taken the financial power back into their own hands, utilizing Bitcoin to solve their everyday problems. They are a force to be reckoned with.

A Hunger for Education

There is plenty of wealth in the global south, but unfortunately, people don’t have access to it. With Bitcoin and peer-to-peer finance, an opportunity exists to bring more people into the financial system and build a bridge to the global economy.

Everything I have learned about Bitcoin is from my efforts on the ground. In 2021 I traveled to Africa to open 2 schools through the Built With Bitcoin Foundation, took part in several campus tours with the goal of driving entrepreneurship, launched the PaxNaija Educational Center to educate and train Nigerians on the use cases of Bitcoin, and met with dozens of local community members on the ground. Staying connected to the streets, I know there is a big appetite for education and the opportunities Bitcoin can provide for financial freedom. As businesses continue to fan adoption, we’ll see more people unlocking the full potential of Bitcoin across the continent.

Africa is set up to have a monumental year. There is a peer-to-peer revolution happening that will onboard the next wave of Bitcoin users. The next 12 months will continue to transform the world.

Ray Youssef is the Co-Founder & CEO, Paxful

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Paxful Expresses Full Commitment to Boosting Nigeria’s Crypto Market

May 13, 2021

Ray Youssef, CEO, and co-founder of Paxful

Leading global peer-to-peer fintech Paxful has restated its commitment to advancing Nigeria’s crypto market. The company is doing this through constant engagement and enlightenment efforts that foster a clear market understanding while also driving increased adoption among Nigerians, particularly the youths. Paxful uses its platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are. Six million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with almost 400 different payment methods.

This was made known by the fintech’s CEO and co-founder Ray Youssef who highlighted the company’s dedication at a stakeholders’ forum organized recently in Lagos, to chart a course for the industry. Paxful recently had a greet and meet with a cross section of Paxful Peers and industry players at Paxful’s stakeholder forum in Nigeria. According to Youssef, while Nigeria has become Paxful’s biggest market, there are still huge untapped potentials for the youth. “The adoption of cryptocurrency by Nigerian youth in recent times is quite impressive. What is most striking is the success they have made with cryptocurrency with only a basic knowledge of it. It goes to show their passion, drive, and tenacity in making the most of every opportunity.”

According to Ray Youssef “The future is even brighter ahead. But to effectively leverage and maximize the humongous potentials, we need to do more as industry players in deepening knowledge of the crypto market,” he remarked.

Consequently, he called for increased collaboration among players in the Nigeria crypto market to promote learning. “As the demand for a decentralized marketplace continues to increase, there is a need for us to work together if we plan to thrive and power global finance. We can do this by taking responsibility to constantly engage and enlighten the public about cryptocurrency and its potentials for driving sustainable growth and prosperity.”

Speaking on how he has been empowered through the Paxful platform, Sulaiman Muyideen, a Paxful VIP trader who started trading on the platform with $10 eleven months ago, stated that crypto is a game changer and an enabler of wealth creation. “I am financially liberated in just a short period of my joining the platform. I also like the fact that the Paxful Peer Program allows you to educate people on selling bitcoin as well as gives priority to individual users to safely trade on the platform.

Ray Youssef, co-founder and CEO of Paxful, set up the Built with Bitcoin Foundation to help people have access to education and water. To date, the foundation has built four schools (two in Rwanda, one in Kenya, and one in Nigeria). The Built with Bitcoin Foundation is funded by Paxful and the cryptocurrency community.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigerians Defies Government’s Ban on Crypto as Trading Hits $1.5 Billion

April 29, 2021

There are evidence that inspite of government’s best efforts to ban crypto-currency trading in Nigeria, Nigerians have turned deaf ear to the warnings. This is evidenced by the new report showing that the country has emerged as the biggest market for Paxful, a global peer-to-peer fintech and crypto-currency trading platform, with an impressive volume which currently stands at $1.5 billion and 1.5 million users.

As at April 2021, the top four countries by volume on Paxful aside Nigeria are China, United States of America, India, and Kenya, but globally, over $5 billion has been traded with six million users to date on the platform.

The CEO and co-founder of Paxful, Mr. Ray Youssef said that the traditional financial system is failing 99 percent of the world’s population, explaining that this means there is no way out of income inequality for a lot of people in the world. Youssef said: “With crypto-currencies, we see an alternative, a way to rest the financial system based on equality. Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are so they can control their own money and build the future they want with financial freedom.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Paxful highlights Nigeria’s thriving crypto market

December 19, 2020

This year has shaken many industries, but crypto has actually seen immense growth and investor interest since the outbreak of COVID-19. With Bitcoin hitting a new all-time high of nearly $20,000 crypto remains one of the few industries that managed to thrive in the economic downturn the pandemic has brought. Paxful, which is a people-powered marketplace for money transfers with anyone, anywhere, at any time with the mission to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions is x-raying activities in Africa with particular emphasis on Nigeria. The company presently has over 4.5 million users globally who can instantly trade, buy and sell Bitcoin (BTC) and Tether (USDT) using over 300 different payment methods.

As part of their mission, Paxful launched #BuiltWithBitcoin, a social good initiative to build 100 schools funded entirely by bitcoin all across emerging markets. The company was co-founded in 2015 by Ray Youssef, Chief Executive Officer, and Artur Schaback, Chief Product Officer.

While the virtual coin has previously recorded big gains followed by steep declines, experts argue that this time may be different, as the currency not just broke key resistance levels, but has also sparked interest among corporations, investors, and financial institutions, giving Bitcoin a further boost. More than ever before, it has become common to hear major financial institutions warming up to Bitcoin and start embracing it.

More so, the regulatory discussions around digital currency are a clear sign that economies are preparing to adopt digital currency as complementary to fiat currency. Recently, Nigeria’s Securities and Exchange Commission announced it will regulate trade in certain digital currencies to provide protection for investors and to ensure transparency. The decision to regulate the sector highlights the country’s recognition of the potential of cryptocurrency.

Nigeria has continued to witness a huge rise in the adoption of digital money as a means to store value, preserve wealth, trade, and settle day-to-day payments. Another great use case for crypto, popular with the local traders and businesses in Nigeria, is helping them hedge against weak naira partially caused by the shortage of US Dollars in the country.

Since launching 5 years ago, global transactions on the Paxful platform have grown by over 25% from October 2019 to October 2020. A large proportion of the transactions is attributed to the African market, with Nigeria leading the pack. With over 620,000 active Nigerian users on its platform, the company says Nigerians traded around 15 million USD worth of Bitcoin in April alone, making Nigeria the undoubtful leader in the African region.

“Nigeria, Ghana, Kenya, and South Africa are our main markets in Africa. There’s no question that emerging markets are the future of the crypto economy. That’s been clear to us for some time, as we see on a daily basis how tech-savvy Africans are using Bitcoin to invest, trade, send money abroad and accumulate wealth. Bitcoin helps improve lives and gives opportunities for personal and entrepreneurial development. Paxful is all about bringing financial inclusion to the emerging world and we’re ecstatic to help so many people with limited access to the traditional financial services,” Paxful CEO and co-founder Ray Youssef remarks.

In an effort to consolidate its wins in the Nigerian market, the company employed local industry experts dedicated to the Nigerian market and became a premium member of Nigeria’s FinTech Association. The partnership will help Paxful deepen its integration in the country’s crypto industry, become an important part of the local financial ecosystem, and protect its Nigerian users better.

Recent data from Paxful reveal that Nigeria leads Africa in peer-to-peer trading in 2020, posting monthly volumes of over $66 million in 2020, followed by Ghana, Kenya, and South Africa respectively.

Committed to providing users with a cost-efficient, accessible trading system on its platform, Paxful is strengthening Nigeria’s crypto market with varied payment methods that meet the needs of users. The company currently has over 300 payment methods all geared to meet users’ needs and includes a variety of local payment options, including BuyCoins, Bitsika, and Carbon.

Moreover, Naira Token, another stablecoin, was recently introduced as a payment method to the platform as part of the company’s localization efforts. With the Naira Token users can perform fast, publicly-verifiable, borderless transactions with a fiat equivalent.

With the growing demand for stable digital currencies amidst fears of economic recession and the high volatility of traditional crypto assets, Paxful added USDT (Tether) to its platform. The addition came with a hedging option, allowing users to instantly convert BTC to USDT and vice versa, helping the users protect their funds during Bitcoin price fluctuations – a feature that was well accepted in Nigeria. With a goal to build 100 schools, with access to water wells and community gardens for sustainable agriculture, Paxful’s #BuiltwithBitcoin initiative has become a testament to the power of cryptocurrency to improve and impact lives.

This year, the company built the fourth school with Bitcoin in Nigeria. The school located in the Ankara Nandu community of Sanga Local in Kaduna state will serve an estimated 100–120 children between the ages of three and six years old and double as an adult education center in the evenings. The city is home to 4,000 people, and currently has just one school providing both primary and secondary education.

“We chose this particular community because of the lack of necessary resources and limited school infrastructure. They are in dire need of quality learning spaces and this school is an honest representation of the impact Bitcoin can have on societies as a whole, and more specifically, how it can enhance education,” Ray Youssef remarked. As with all schools built as part of the initiative, the new facility will come with a state of the art solar power panels and a water filtration system.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bitsika Becomes Payment Method on Paxful Platform

November 8, 2020

Paxful, a global peer-to-peer crypto marketplace has announced the addition of Bitsika to its platform, expanding its range of local payment methods in Nigeria. The addition enables users to deposit Cedis, Naira, Dollars, CFA through the Bitsika app to facilitate easy transactions.

Speaking on the partnership, CEO and co-founder of Paxful, Ray Youssef, was quoted in a statement yesterday to have said: “As an organisation that constantly devises alternatives to ensure seamless and safe transactions for our users, we’re excited to add Bitsika as a payment option to the platform.

“With this partnership, users don’t have to worry about the restrictions on the US dollars imposed by African banks. Dollars can be held in a crypto form called BUSD. And with simplified security measures, there is no need to provide full Naira bank details, all that’s needed is a Bitsika tag.”

Bitsika was launched in 2019 to provide faster and easier payments across the globe while curbing the high costs of traditional money operators.

“With Bitsika you can load up money in a particular currency (say Cedis, Naira, USD, etc). Once done, you can now anonymously and instantly send the money to anyone who has a Bitsika cashtag, without fail,” the CEO of BitSika, Atsu Davoh said, adding, “Say goodbye to revealing the personal info of your Mobile Money number or Naira bank details every time you do or receive a transfer. And the best part is that all internal transfers are free.”

“There is a growing demand for crypto as Nigeria becomes one of the fastest-growing markets in the world. To deepen Paxful’s integration in the country’s crypto industry, the company has been recently recognized and accepted as a premium member of the Fintech Association of Nigeria. The partnership will help Paxful become an important part of the local financial ecosystem and protect its Nigerian users better.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Paxful Partners Uhuru Wallet to Ease Money Transfers

November 2, 2020

Leading cryptocurrency firm in Africa, Paxful has partnered with Uhuru Wallet to add a new payment method to its platform. This collaboration is expected to give South Africans access to the crypto economy, making it easier to make money transfers.

The cost of financial transactions in Sub-Saharan Africa can be sky-high. Fortunately, the global crypto-currency space is providing African users with a cheaper alternative for personal and business-related transactions across borders.

A recent report by the blockchain forensic and research group Chainalysis on cryptocurrency use around the globe revealed that monthly crypto transfers under $10,000 to and from Africa jumped more than 55% in a year, reaching $316 million in June 2020. The number of monthly transfers nearly doubled, surpassing 600,000 transactions with most of the activity taking place in Nigeria, South Africa, and Kenya.

“Many Africans living abroad face difficulties when it comes to remittances or payments, as modern money transfer operators are often expensive and time-consuming. We are now providing our users with a practical and cost-effective process offering them a global financial passport. For true financial inclusion to happen, a free market for money transfers is required,” says Ray Youssef, CEO, and co-founder of Paxful.

Acting as a ‘fiat on and off-ramp’ on the Paxful platform, which already hosts over 300 different payment options, Uhuru Wallet will enable users to buy and sell Bitcoin (BTC) and Tether (USDT).

“This is the perfect opportunity to partner with local talent and support the growth of the crypto community in South Africa,” continues Youseff.

“By joining forces with Uhuru, we can unlock more options for our African users, many of whom are held back by restrictions of traditional financial systems, so we’re making crypto more accessible as a real-world payment method.”

Launched earlier this year by Uhuru Innovative Solutions, a Zimbabwean-born startup established in 2017, Uhuru Wallet believes that having a transaction account is the first step towards financial inclusion.

“We’re thrilled to be able to partner with a leading international marketplace like Paxful. Uhuru is a product for Africans by Africans, and we share Paxful’s vision of greater financial inclusion. We look forward to working with them to include more Africans in the global economy,” concludes Reginald Tsvetu, Marketing and Business Development Officer at Uhuru Wallet.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

More Young Women in Africa Turn to Bitcoin Amidst Covid-19 Pandemic

August 23, 2020

The socioeconomic impact of the COVID-19 pandemic especially in Africa is manifesting in different formats as millions of people finding themselves under severe financial stress, seek ways to overcome economic challenges.This has forced people from all walks of life to start looking for alternative income streams. A new report found that many young women across Africa are taking to different successful side hustles to overcome the economic effects of the pandemic especially bitcoin.

Tugba Abadan, Paxful’s newly appointed Head of Middle East and Africa

Not only are these side jobs providing women with additional income, they are also giving individuals an opportunity to develop new skills in the bitcoin and blockchain space. Blockchain skills are in high demand internationally and may unlock new career opportunities or set the ground for running a successful business in the future.
Read also:Scandal Rocks South Africa’s Bitcoin Company

Beyond speculative activities, bitcoin already drives a whole range of entrepreneurial ventures including arbitrage, remittance, e-commerce and educational projects, to name a few. Paxful is committed to encouraging more women to consider pursuing opportunities in bitcoin and blockchain; the company has rolled out a number of educational programs globally to educate more people about the crypto industry.

According to CoinMarketCap, the number of women in the cryptocurrency industry increased by 43.24% in the first quarter of 2020. In addition, a study published in December 2019 by Bitcoin (BTC) fund operator, Grayscale, showed that 43% of investors interested in Bitcoin are women (13% up from 2018), with the number actively growing. “Our sector can still do better to attract more female blockchain professionals and entrepreneurs. At Paxful, nearly 40% of our global workforce is female and we continuously keep our eyes out for more female collaborators, community builders and problem solvers,” says Tugba Abadan, Paxful’s newly appointed Head of Middle East and Africa.

Usage of the Paxful platform is soaring, and the company has also witnessed a steady increase in the number of women participating in its entrepreneurship program, the Paxful Peer Program. The program helps crypto enthusiasts become their own bosses, and women have been topping the list of best performers since it’s launch in November 2019.

Yvonne Kagondu, Paxful’s Community Coordinator in Kenya, says: “It’s not easy to be a young African at the moment. Unfortunately, many of us suffer the consequences of high levels of unemployment and poverty. It’s very important to be on the lookout for as many opportunities as possible and find one that suits you best. I found blockchain technology intriguing and decided to focus on bitcoin, which eventually led me to mentoring other young female professionals and fellow small business owners. I feel so fortunate to be able to help and inspire fellow Africans to take control of their finances through bitcoin.”

Paxful’s Peer Program participant Nkhensani Nyalungu is a Bachelor of Commerce student at the University of Johannesburg. She shares her experience with the program: “I had never considered setting up a tech-related business until I learnt more about the opportunities in the blockchain industry. Once I became familiar with the technology, it was quite easy to dive into the crypto world. I am extremely passionate about educating my peers about the crypto-economy, as I feel I’m carving the path towards economic freedom for our communities.”

Victoria Chauke, a student at Johannesburg’s Wits University, used to work as a part-time promoter before she started her bitcoin side-hustle to earn some extra cash, “Trading bitcoin was a better option for me as I could learn on the go; it’s much more flexible as I can make money while at home, in-between classes or while busy with other commitments.”

She adds: “I believe we need a lot more women in the bitcoin community. From my experience, I think we can operate as effectively as men, if not better, in the blockchain ecosystem”. According to a study, an estimated one in three working South Africans have a side job to bring in extra income. The COVID-19 lockdown has put millions of people under challenging circumstances as they faced losses of jobs and income opportunities. The pandemic pushed people to look for alternative income sources, so the interest in crypto and bitcoin entrepreneurship grew rapidly, which Paxful confirms as the number of platform users skyrocketed since the beginning of 2020. As contactless payments are encouraged, people are opting for non-cash in-person trades using bitcoin.

Abadan concludes: “We’re very excited to see how the number of trades on Paxful from South African users have grown by more than 36% in Q2 of this year. Blockchain technology has created a new frontier for the global economy, and I believe that the industry offers plenty of opportunities to achieve greater economic independence”.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Global Marketplace Paxful Taps South African Youth for Global Entrepreneurship Program

July 3, 2020

Tugba Abadan, Head of Community at Paxful.

Efforts aimed at helping young Africans to embrace entrepreneurship formed part of a recent report titled, Workforce of the future 2030 where global consultancy firm PWC contends that by 2030: “Africa will be home to more than a quarter of the world’s population of under 25’s. Under 25’s in total will make up 60% of the continent’s total population. By then, 15% of the world’s working population will reside in Africa. Although Africa will experience unprecedented technological disruption, this also presents an opportunity for the continent to drive inclusion and economic growth the report highlighted.

With the African continent already becoming one of the world’s leading markets for the crypto-economy, leading global peer-to-peer bitcoin marketplace, Paxful, in honor of Youth Month this June, is shining the spotlight on the opportunities the fast-growing bitcoin economy has to offer the youth, despite the challenging economic conditions currently experienced worldwide. What started off as a trial project in South Africa in 2019, Paxful’s Peer Program has turned into a global entrepreneurship initiative that aims to boost cryptocurrency education and build a pipeline of new crypto businesses across the world, and particularly, the African continent. Since January this year, the Peer Program expanded its roots to include many other markets such as Latin America, Russia and India.

“The aim of our international Peer Program is to help students, new graduates, freelancers, and all young entrepreneurial-minded people learn new skills, earn extra income, and extend their network. Through the program, we are creating ‘community leaders’ by giving these young individuals various tools and opportunities to become advocates of Paxful, bitcoin and peer-to-peer finance within their own local communities,” says Tugba Abadan, Head of Community at Paxful.

One South African who has caught the company’s eye is Modibe Matsepane. Hailing from Ga-Sekgopo, a small village in the Limpopo province, Matsepane (26) is set to help lead Paxful’s Peer Program amongst the youth across the African continent through his role as the Program’s African Community Coordinator. His journey with Paxful started when he was assisting a friend in organizing one of the company’s student ambassador initiatives at the University of the Witwatersrand campus last year. During this time, he quickly made an impression and was soon enlisted to kickstart their Peer Program in South Africa by recruiting suitable candidates for the program.

“Being part of this initiative has been so inspiring as the global digital landscape allows us to do business beyond borders. This is where bitcoin and P2P finance contribute to stimulating real economic growth by educating and empowering the youth on entrepreneurial opportunities to achieve financial inclusion,” says Matsepane. Encouraged by the positive feedback received from participants, Paxful is eager to invest in the growth of the Peer Program across Africa and expand its impact. Two South African youngsters who have joined the program this year include Victoria Chauke (24), a BCom Accounting and Marketing final year student at the University of Witwatersrand and Nkhensani Nyalungu (20), a BCom Accounting student at the University of Johannesburg.

“For me it has been a rewarding experience as the program has provided me with a better understanding of P2P finance and how a platform like Paxful can help one build a business in the digital economy,” says Chauke. Nyalungu began trading six months ago and has been passionate about his journey since the start. He comments, “Being a peer has enabled me to earn an income while studying. I get to work with people from all over the world and I have learned how to help others trade on the platform.”

As the frontrunners of early adoption, young Africans are driving the transformation of their continent’s traditional and bureaucratic financial system to a more decentralized and transparent one by embracing digital currencies and technology development. Blockchain skills are in very high demand globally and will continue to be for some time. Our peer program introduced youth to this new economic frontier, and we’re very excited about that. More than half of our global participants hail from the African continent. This is testament to Africa being our fastest-growing region providing the highest number of new users to Paxful per month with young students, graduates, professionals, and aspiring business owners making use of the platform for both personal finance needs and entrepreneurial ventures,” adds Abadan.

She concludes; “With most underbanked and unbanked people residing in Africa and its high youth unemployment rate, our program provides young people a much-needed path to entrepreneurship and growth opportunities through access to the global financial economy.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Paxful Believes 2020 is Africa’s Year of Crypto Boom

February 20, 2020

Artur Schaback, Co-Founder and COO of Paxful

The market for blockchain industry in Africa is quite impressive with millions keying into the crypto-economy thus there is no better time for investors to latch on to the momentum. This was the submission of global peer-to-peer (P2P) Bitcoin marketplace, Paxful , which strongly believes believes that the world has much to learn from Africa about the future of the crypto-economy, noting that 2020 will be a landmark year for the African crypto and blockchain industry.

With Nigeria, Ghana, South Africa and Kenya already among the leading markets, the company also expects to extend its customer base in many more markets where it is seeing a steady increase in trading volumes on the continent like Zambia and Uganda. African trading volume on the Paxful platform grew by over 57% in 2019 and the company hopes to accelerate trading volumes further this year.

The company pointed out that its mission is to give people a simple, fair, and secure platform for buying and selling bitcoin , says that it aims to bring financial inclusion to the underbanked and unbanked through peer-to-peer finance. To achieve this, every user gets a free digital wallet that lets them send, receive, and store BTC. This P2P marketplace cuts out the middleman with their secure escrow service and has a 24/7 customer support system dedicated to resolving issues for their users.

The company reports that with millions of users globally and Africa being the fastest-growing region, that the company processed almost $1.6 billion (R23 billion) in trade volume globally in 2019; the result of a steady increase of 25%+ trade volume growth year-on-year on the platform since the business’ inception in 2015. Paxful currently hosts over three million wallets, 45% of which are from Africa.

While the peer-to-peer marketplace has enjoyed tremendous success on the continent, the company is not complacent. Paxful leadership intends to spend a lot more time in Africa over the next few years. The aim is to continue to learn from its customers and provide them with the best possible peer-to-peer finance marketplace.

Reflecting on the rapid growth of the blockchain and bitcoin sector, research from the professional networking platform Linkedin shows that blockchain tops the list of most in-demand hard skills for 2020. For this reason, another important consideration for Paxful is engaging talent in Africa. The company believes that Africa can become a leader in bitcoin skills development. Paxful hopes to expand African participation in the company’s Global Peer Programme – an initiative to encourage bitcoin users around the world to educate each other about the opportunities offered by the crypto-economy.

“We are very, very bullish on Africa and believe it is critical to the future of the crypto-economy overall. While many parts of the developed world are fixated on speculative activity in the crypto economy, people in Africa are teaching us about the true use cases of bitcoin and the opportunity it presents for greater financial inclusion of the under-banked. As a company, we want to do what we can to ensure that our platform continues to be a bridge to the global economy for our customers” Says Artur Schaback, Co-Founder and COO of Paxful.

In December 2019, Paxful and Binance, the leading global cryptocurrency exchange by trading volume and users, announced its strategic partnership in which Paxful serves as a fiat-to-cryptocurrency on-ramp for Binance, providing numerous payment methods for purchasing Bitcoin to Binance’s global user base.Paxful has also partnered with many other strategic players in the crypto economy – including the likes of BitMart, BSpin, AirTM, and CoinLogiq – who offer a variety of complementary services to make it as possible for its users to take advantage of the power of P2P finance. Paxful hopes to work with African partners as well.

“Africa has tremendous potential and partnerships are essential in this pivotal time within the cryptocurrency industry. We are actively looking to join forces with African-born crypto players who share our passion and vision for the global crypto-economy and to join our efforts in bringing bitcoin to the unbanked masses across the continent to fundamentally help alleviate poverty, boost economies and create jobs,” says Ray Youssef, CEO and co-founder of Paxful. “With bitcoin’s original mission of financial inclusion in mind, Paxful is committed to reaching as many people as possible to help them better understand the opportunities presented by the crypto-economy. With this in mind, education and social development will always be a priority for Paxful,” adds Youssef.

Last year, Paxful undertook an education drive focused on Universities. Beginning with Universities in East and Southern Africa, the initiative has reached over 1000 youths. The education workshops provided key, practical insights to the true use cases of Bitcoin, how to avoid falling prey to bad actors in the crypto-space and served to counter the over-emphasis on Bitcoin speculation. This type of education will continue to reach the youth.

In the same year, the company also launched the aforementioned Paxful Peer Program, a platform encouraging users to educate and support each other as they navigate the bitcoin-economy. The Peer Program was trialed in South Africa and has been extended to include many other markets on the continent and Asia.

To support grassroots education, Paxful will continue to invest in its #BuiltWithBitcoin initiative which has demonstrated how the cryptocurrency community can contribute to social good. Established in 2017, the initiative had raised over R3 million for charities across Africa and the Middle East by 2019. In January 2020, the company announced that they will be building a third school in its 100-school initiative to bring quality education centers to emerging countries throughout Africa. The third school, which will come fully equipped with a state-of-the-art water well system, will be built in Machakos County, Kenya for children ages 3-6 years old and will kick off with over R400,000 donation from Paxful. The first 2 schools were built in Rwanda.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Africa’s youth see a future for Bitcoin beyond speculation

August 1, 2019

Paxful is on a mission to increase access to the bitcoin economy for the people of Africa through education.

Seeing a significant growth in digital currency transactions on the African continent in recent years, driven largely by users under the age of 35, leading global peer-to-peer bitcoin marketplace, Paxful is on a mission to increase access to the bitcoin economy for the people of Africa through education.

AN AFRICAN VIEW ON PEER-TO-PEER FINANCE

Benjamin Onuoha, Africa’s Regional Consultant for Paxful (Paxful.com), addressed delegates at a Johannesburg event recently to share insights on the bitcoin and cryptocurrency economy as well as present use cases observed from Africa’s consumers.

He commented: “The people of Africa have been the most ingenious and resourceful of our users – they are redefining our understanding of the uses of bitcoin. The world has much to learn from Africa about the future of crypto-economy.”

BITCOIN USE CASES ON THE CONTINENT

Reflecting on Paxful’s experience in Africa and further afield, Onuoha added: “Three developments made the crypto-economy possible. First, the emergence of peer-to-peer electronic currency, bitcoin, that is powered by the blockchain technology. The second and arguably the most important miracle is the human layer, that connects everyone in the world making this peer-to-peer revolution powered by the people. And lastly, the third miracle is the sharing economy.”

Onuoha listed the following as true use cases for bitcoin: grey markets, speculation, payments, e-commerce, remittance, wealth preservation, and social good.

“Historically, much of the news coverage about bitcoin has tracked speculative activity, where 90% of trading volume is currently centered. This toxic phase is in line with expected adoption trends as the crypto economy, still in its infancy, matures. The next focus point of the evolution is the end-user and their opportunity-laden journey in peer-to-peer finance. It’s about wealth generation – and giving people the means to do it.”

He noted that many young Africans see bitcoin as an opportunity to develop entrepreneurship ventures; users set up side-hustles and their own businesses – which include remittance, as well as import and export enterprises, amongst others.

Demonstrating how the cryptocurrency community can contribute to social good, Paxful recently completed the building of the second school in Rwanda, as part of the group’s strategic commitment to education. Through its #BuiltWithBitcoin initiative, the group is in pursuit to build 100 schools across the continent.

EDUCATION, EDUCATION, EDUCATION

With over 2,5 million users globally and Africa is the fastest-growing region, in 2018, Paxful disclosed it had seen a 200%+ increase in users in Africa over the previous 12 months. Paxful is observing a new generation of young African graduates and professionals making use of peer-to-peer finance as a way to better engage the global financial system.

Co-Founded by Egyptian entrepreneur Ray Youseff, who is passionate about empowering fellow African youth, Paxful is committed to reaching as many young people as possible to help them better understand the opportunities presented by the cryptocurrency economy. To this end, Paxful launched its first university education drive to expose youth to the true use cases of bitcoin, highlight how to avoid falling prey to bad actors in the crypto-space, and counter the over-emphasis on bitcoin speculation.

Launched at universities in South Africa and Kenya, the Paxful workshops provide key, practical insights, with each attendee also receiving free bitcoin to start them on their journey. Over 1000 youths have attended the events across SA/Kenya.

CHARITIES COULD BENEFIT FROM THE CRYPTO-ECONOMY

To date, Paxful’s #BuiltWithBitcoin initiative has raised over R3 million for charities across Africa and the Middle East. Paxful – has donated over 13,000 Rands worth of bitcoin to GROW with Educare Centres. The donation forms part of Paxful’s #BuiltWithBitcoin initiative and is its first South African charitable contribution.

As a non-profit organization, GROW with Educare Centres empowers qualified, passionate women to own and run successful high-quality Early Childhood Development (ECD) centers, such as daycares and pre-schools, in low-income communities using the principles of social enterprise and micro franchising. With reading being an integral part of the Educare programme, the donation from Paxful will be used to purchase books for their various centers’ mini-libraries.

The GROW with Educare Centres project was incubated by a partnership between The Clothing Bank and Grow Learning Company and currently has 31 ECD centers running across Cape Town, KwaZulu-Natal and Gauteng.

“This donation opens new opportunities for our organization to engage the crypto-community in charitable giving. An investment in Early Learning is one of the greatest investments you can make since one teacher influences a generation of learners. We hope that Paxful will inspire others to do the same,” says Helene Brand, Marketing and Fundraising Manager for GROW Educare Centres.

Paxful launched #BuiltWithBitcoin in 2017 to encourage the cryptocurrency sector to contribute funds for humanitarian projects.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

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