The adoption of cryptocurrencies, especially bitcoin in Nigeria has attracted a lot of attention, especially between the COVID-19 era and the End Sars protest. Ray Youssef, founder and CEO of Paxful, shared at the Digital Nigeria Conference 2022 that the enthusiasm of young people in Nigeria is a great sign of what is to come to the global crypto space.
Globally, the financial system is faulty as money is broken, and we need to fix it, the CEO said. We started Paxful seven and a half years ago to address some of the issues faced by citizens around the world, which include payment, remittance, and more.
From my experience building the company, I’ve realized that the youths in Nigeria have been instrumental in our success, Ray explained. The youngsters have what it takes to solve all money problems with proofs.
He highlighted that beyond what Paxful has done, he is always excited to see startups in places like Lagos. The ambition, drive, and vision of African youngsters can change the world, but while creating these new products, the money needs to flow amongst Africans for that is where the liberation lies.
No more exporting of workforce
On the aspect of the African workforce and the potential of blockchain technology, Ray highlighted that African nations don’t have to export their workforce to make money in hard currencies again. Blockchain is making this possible as it has created a level playing ground for all nations with an example of bitcoin.
He shared that internet penetration, as well as the rise in the use of mobile phones, has helped open Nigeria to great opportunities. And now, the peer-to-peer revolution is here to make it even better where we will see humans helping humans and a people-powered economy.
What is coming is “bigger than Paxful,’’ Ray asserted, and I see the youths of Nigeria leading the new economic revolution around the world.