Bitcoin Access in East Africa Boosted by PaxfulBy Aug 23, 2019 2 Min Read
Paxful is a key worldwide peer-to-peer platform dealing with Bitcoin. Part of Paxful’s intentions is scaling up Bitcoin access in Kenya as well as other parts of East Africa. This is in line with the institution’s goal of propelling economic inclusivity to the neglected persons in Africa.
Since 2015, this company has been instrumental in enabling subscribers to purchase Bitcoin among themselves, whereby at least 300 payment options such as PayPal, M-Pesa (a Kenyan mobile money transfer service), and Bank Transfer among others are used.
Paxful has emerged to be a reckoning force as a peer-to-peer bitcoin platform. Expressly, it has at least two million subscribers worldwide, whereas the volume traded weekly averages at least $20 million.
Bitcoin Adaption is Steadfast
Bitcoin is considerably becoming established in business activities and daily living. As a result, it is the dominant cryptocurrency.
Ray Youssef, the institution’s CEO, asserts:
“Bitcoin is helping individuals have access to global financial services and participate in a new financial system where traditional banking is no longer required. Customers can pay for items that are in foreign markets such as China, Europe or the US using bitcoin. It is for this reason that Paxful gives priority to providing education and awareness on bitcoin and the opportunities it provides.”
Based on its Kenyan activities, Paxful’s mission is collaborating with various educational establishments, creativity facilities, and considerable players in East Africa. Paxful believes this approach will be instrumental in educating the populace about peer-to-peer finance and Bitcoin.
Paxful stipulates that the African Bitcoin market has been growing at an alarming rate. Currently, 45% of Paxful’s primary subscribers are African. Moreover, Youssef affirmed that between January and June 2019, new entrants from Kenya more than duplicated, whereas trade volumes were elevated by 400% in comparison with a similar period the previous year.
Image via Shutterstock