Rwanda and Kenya providing rich ground for Cryptocurrency growth in East Africa
By Rolex Owino
Paxful, a peer-to-peer marketplace built on open source Bitcoin and Bockchain technology, has cast its focus on the East African market, with a presence in Rwanda, as well as venturing into Kenya.
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.
Paxful’s platform has one million active monthly users globally, and offers over 350 payment methods. Some of the most popular methods include Paypal, Western Union, Amazon Gift Cards, and iTunes Gift Cards.
Their entrance into the East African market comes at a time when Kenya’s M-PESA system, a globally renowned mobile phone-based money transfer and micro-financing service – recently launched 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 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 #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 – in comparison to all existing currencies. When used adequately and fully understood – it could be the initiator of many emerging systems that will fundamentally change the African economic system.
Source: African Strategic-Ventures (ASV) & The Exchange.