Africa is taking the crypto bull by the horn and investing in the blockchain technology as well. Cryptoprenuers and crypto enthusiasts are spreading the blockchain gospels to the unbanked in the continent. Bitcoin is no longer new to the people as the rate at which peer to peer transactions are spreading in the continent has increased. Paxful is a big part of the African cryptocurrency story and its CEO, Ray Youssef sees Bitcoin as a financial liberating tool for the Black Nation.
Ray who moved from having a successful startup to being a homeless man on the streets of Manhattan and finally becoming the CEO of Paxful understands the priority of reaching the Unbanked. He explains, “We Focused on Helping the Unbanked…It was technically the same as LocalBitcoins, which is a solicit service and an escrow service. It wasn’t local–there were no local trades allowed. It was like ‘GlobalBitcoins.’ We focused on gift cards and helping the unbanked.”
Ray also spoke about Nigeria and how the African country is doing in the crypto world. He says, “All of a sudden, Nigeria started popping up on our radar…Why are all these Nigerians on Paxful?” He explained that Nigerians were interested in cryptocurrencies as a means of “wealth preservation.” He says, “they have huge limits [on debit/credit cards] over there…these folks have a lot of issues. We saw that yeah, the unbanked in America have it rough. But if you’re unbanked outside of America, it’s even worse, because you’re completely segregated from the world economy.”
Paxful has already introduced the #BuiltWithBitcoin project as a means of helping the African people have equal financial opportunities. Despite the barriers plaguing the nation financially, people are finding their way around it through peer to peer payments.
Besides finding a way across payment difficulties. Ray believes that, “When you help them help themselves to build their own businesses and create their own wealth–and get Bitcoin in to the hands of people around them–you’re making ‘nodes of prosperity.’ They will hire their friends and family, and then bring in other people. That’s how it starts.” Paxful is building not a company, but an opportunity for people to be financially liberated, and with the rate at which the gospel of Bitcoin is being spread peer to peer payment has a long way to go in creating a less financially dependent structure in the continent.
What do you think about Paxful? Share your opinion with us in the comment section below.
Image credit: Pixabay
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
The CBDC will lower the cost of doing business – CBN
Nigeria’s CBDC to Run on Hyperlegder Fabric
NatWest Suspends Payments to Binance
Carlifornian Resident Files Lawsuit against Dfinity Over ICP Sale
At Huge Valuations, these Two Companies Are the Largest In Crypto
See Why OpenSea Has Becomes the First NFT Unicorn
Largest English Media in Hong Kong to Turn its Archives to NFTs
Nigeria Startup Bill Website Goes Live
The Nigerian Crypto Startup Bill: What To Expect
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
Hedge Trading on OKEx
Trading cryptocurrency seems cumbersome to new traders, especially those new to the crypto space. There have been a lot of...
The Chances of BTC Dropping to 40k Is Slim – Prateek Suri
The founder and Chief Executive Officer of the Maser group, Prateek Suri joined Tony Obiajuru this morning, 15th March, 2021...
Binance Smart Chain; CeFi or DeFi?
The controversy around whether or not the Binance Smart Chain is centralized or decentralized was cleared on the Inside Blockchain...
How Earnathon is Making Crypto Adoption Easier
Earnathon is making cryptocurrency education and adoption easier with its unique learn and earn platform. It’s no news that the...
NaijaCrypto CEO Says CBN Cannot Ban Cryptocurrency Trading
The Chief Executive Officer of NaijaCrypto, Chiagozie Iwu has said on the Inside Blockchain Show powered by CryptoTVPlus that the...