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The future of blockchain and cryptocurrency in Africa

As Africa continues to advance its fast-paced economic growth, we take a look at global crypto giant Paxful’s priorities for the region.

“The world has much to learn from Africa about the future of the crypto-economy,” comments Paxful, “2020 will be a landmark year for the African crypto and blockchain industry.” In a recent report conducted by Paxful into its operations undercovered that in 2019, worldwide processed US$1.6bn in trade volume and hosted 3mn wallets. Of those 3mn wallets the company confirmed 45% are from Africa. 

What are Paxful’s plans for the region? 

Strengthen its relationship with Africa

Over the next few years, Paxful plans to ramp up its efforts within the region to increase its customer base and continue to learn from its customers in order to provide the best peer-to-peer finance marketplace.

In addition to its marketplace, Paxful hopes to expand Africa’s participation in its Global Peer Programme. which encourages bitcoin users to educate each other on the opportunities a crypto-economy can provide. 

“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.

Partnership expansion 

Over the years, Paxful has partnered with many key players within the cryptocurrency industry, including BitMart, BSpin, AirTM, and CoinLogiq. With this in mind, the company wants to increase its partnerships with African companies.

“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,” says Ray Youssef, CEO and co-founder of Paxful.

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Priorities education and social good

In 2019, Paxful completed a university education drive in East and South Africa. The drive reached over 1000 people, providing practical insights into use cases of Bitcoin, how to avoid falling prey to threats and mitigation speculation. 

“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,” concludes Youssef.

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