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How Paxful Plans to Expand its Investment in the African Market

The digital wallet, Paxful Company conducts frictionless cryptocurrency commerce globally. The company focuses on tapping opportunities in the under-banked economies. The digital platform enables people to transact Bitcoins. The technology operates through more than 300 payment methods. They include online wallets or debit/credit cards, and cash deposit among others. The company ensures users’ protection against online frauds through various mechanisms. The main strategies comprise of highest-level encryption and two-factor authentication. It also holds the user’s money in escrow until the recipient confirms the payment.

The company also vowed to help in facilitating economic growth and development in Africa. The Paxful CEO, Ray Youssef noted that incubator initiatives unlock shattered boundaries. The company elected Chuta Chimezie to be the Regional Director of Africa. Mr. Chimezie’s roles will entail recruiting the incubators and conducting business operations. Other responsibilities include creating company educational content and conducting business operations among others. Initially, Mr. Chimezie founded Blockchain Nigeria User Group. The platform drives blockchain and cryptocurrency commerce in Nigeria. He is also the author of the “Seizing Opportunities in Blockchain and Digital Currency Revolution.”

The Paxful Company based its center in Nigeria due to its high number of customers. Nigeria is the most populated in Africa with more than 190 million people. Moreover, Nigeria has the highest number of educated citizenry alongside suitable tech-ecosystem. The company plans to support many Cryptocurrency and blockchain programs in Africa. Some of the targeted countries are Kenya, Ghana, and Cameroon. Last year, Paxful initiated #BuiltwithBitcoin charitable program. The initiative aimed at contributing funds for charitable humanitarian projects. In collaboration with Zam Zam, the company contributed $50,000 towards a construction project in Rwanda.

According to the co-founder and CTO of Paxful, Artur Schaback, the startup is currently doing well. He added that people gave back to support its growth in Africa. He noted that the mass wave of bitcoin revolution in Africa is yet to come. He concluded that Paxful is committed to empowering tech- startups across the continent.

Paxful announced that it will establish a blockchain technology incubation hub in Lagos. The move is in accordance with the company’s agenda of scaling its operation in Africa. The initiative will aids in mentoring the startups. The functions will include the provision of blockchain training among others.

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Written by Denis Opudo

Am an engineer who's a tech blogger, hit me up on dennis@techinafrica.com and we base our discussion on technology in Africa and the rest of the world.
Denis the Tech guru

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