The need for investing in Cryptocurrency is steadily rising in East Africa, as it has gain a solid ground in west Africa as a means of payment at some commercial and business level. As more people are steadily picking up trust and confidence in the use of Cryptocurrency.
In spite of the fact that Cryptocurrency is moderately new and comes with a learning curve, the benefits are a plenty; in this way it is useful for the two merchants and purchasers. Digital money offers a massive wealth distribution globally as well and presents financial freedom to people.
In 2016, Citibank analysts estimated that Kenya’s bitcoin holdings were about 2.3 percent of the gross domestic product (GDP), making it among countries with the largest bitcoin holdings.
This has created demand of peer-to-peer Cryptocurrency marketplaces in the East African market because more people are primed for the Cryptocurrency market.
In just 3 years, Paxful has become one of the world’s leading peer-to-peer Cryptocurrency marketplaces built on open source bitcoin and blockchain technology.
Boasting $15 million in bitcoin global transactions per week, the rapidly expanding platform has solidified an enviable reputation for security and efficiency.
Its entrance into the East African market comes at a time where Kenya’s M-PESA system, a mobile phone-based money transfer, and micro-financing service recently announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet thus making it more convenient for Kenyans looking into buying and selling bitcoin on peer to peer Cryptocurrency marketplaces.
Paxful has helped to connect buyers and sellers to easily exchange bitcoin, accepting more than 300 different payment methods (for example, Bank transfers, Cash deposit, Debit or credit cards, etc.).
As for businesses, Paxful provides a quick and easy way for online shoppers to pay using bitcoin with no buyer fee and 1% seller fee, no deposit fee, no withdrawal fee, ease of use & Speedy transfer deliveries.
Paxful has also just completed a project in Rwanda called #BuiltWithBitcoin charitable initiative with the construction of a school in Rwanda for students aged 6–15. Located in the Nyamata Sector of Rwanda’s Bugesera District, the school supplement’s Paxful’s first bitcoin-funded school, which launched in the same district earlier this year and serves children aged 3–6.
“The “#BuiltwithBitcoin” initiative is a testament to the power of Cryptocurrency,” said Ray Youssef, CEO of Paxful. “We firmly believe that it can improve lives and make the world a better place.”
“Paxful is committed to fostering economic growth in Africa and helping the unbanked and underbanked gain access to the opportunities they have been denied for so long,” said Paxful CEO Ray Youssef. “The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.”
Nigeria is the most populous country in Africa, with 190 million people. It also has the highest number of Paxful users on the continent. The country is renowned for its highly educated citizenry and startup culture, especially in ﬁntech and e-commerce.
Paxful began the “#BuiltwithBitcoin” initiative in 2017 to promote philanthropy and charity within the Cryptocurrency industry.
Since Cryptocurrencies are so new, they are also very volatile. This is one of the main reasons mass adoption is taking longer than it should but the future appeal of Cryptocurrencies lies in allowing you ultimate control over your money, with fast secure global transactions, and lower transaction fees when compared to all existing currencies.
When used properly and fully understood it would be the initiator of many emerging systems that will fundamentally change the African economic system.