Paxful looking at cryptocurrency’s potential in East Africa

Ray Youssef, CEO of Paxful.

The need for investing in cryptocurrency is steadily rising in East Africa; specifically Kenya as more and more people are gradually gaining trust/confidence in the use of cryptocurrency.

Though cryptocurrency is relatively new and comes with a learning curve, the benefits are a plethora; thus it is good for both sellers and buyers. Cryptocurrency offers a massive wealth distribution globally as well and presents financial freedom to individuals.

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 $15M 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 (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: the project is a construction of a school in Rwanda for students aged 6-15. It is 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 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.

Edited by Neo Sesinye
Follow Neo Sesinye on Twitter
Follow IT News Africa on Twitter