Paxful, a tech company headquartered in the United States that deals in bitcoin and blockchain technology, is looking into cryptocurrency’s potential in East Africa. The decision comes at a time when the need for investing in cryptocurrency is steadily rising in East Africa, specifically in Kenya as more people are gradually gaining trust and confidence in the use of digital ledgers.
Though Cryptocurrency (digital, decentralized currency that relies on cryptographic principles for generation, distribution and transferring) is relatively new and confusing for some people, the benefits are abundant, and it is therefore good for both sellers and buyers, Paxful said in a statement.
Cryptocurrency also offers a massive wealth distribution globally and presents financial freedom to individuals.
In 2016, analysts at multinational financial services firm, Citibank estimated that Kenya’s bitcoin holdings were about 2.3% of the gross domestic product (GDP) 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 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.
Their 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 such as bank transfers, cash deposits, as well as the use of credit and debit cards.
Paxful also 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 and speedy transfer deliveries.
Paxful has also just completed a project in Rwanda called the ‘Built with Bitcoin’ charitable initiative. The project is the construction of a school in Rwanda for students aged 6 to 15 years. It is located in the Nyamata Sector of Rwanda’s Bugesera District, the school is Paxful’s first bitcoin-funded school, which launched in the same district earlier this year and serves children aged 3 to 6 years.
“The Built with Bitcoin 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 began the Built with Bitcoin 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,” Paxful said in its statement.
Paxful believes that when fully understood and used properly, Cryptocurrencies would be the initiator of many emerging systems that will fundamentally change the African economic system.