Paxful: Peer-to-Peer Global Bitcoin Marketplace to Boost Economic and Entrepreneurship Growth in Africa


TechInAfrica – This year’s World Economic Forum (WEF) which was held in Cape Town, featured several key topics, including Blockchain Technology and Entrepreneurship as well as their roles in driving economic prosperity in the Fourth Industrial Revolution (4IR) in Africa. As part of the effort to support the 4IR in Africa, Paxful, a leading global bitcoin marketplace, emerges to improve the economic growth in Africa as well as the entrepreneurship growth opportunities.

Paxful has more than 3 million customers around the world with Africa being the fastest-growing customer base. The platform has seen an increase in entrepreneurial activities by young Africans. Many of them see bitcoins as the opportunity to develop their enterprises – they are able to set up their own businesses which include remittance businesses. In Africa, the most active users come from countries like Ghana, South Africa, and Nigeria as there are many business operations like drop-shipping businesses, payment services, and export-import enterprises in those African countries.


African governments put intra-trade as one of their main priorities as seen by initiatives like the historic Africa Continental Free Trade Area (AfCFTA). Paxful notes that many African customers tend to trade with other Africans. African countries like Nigeria, Kenya, Ghana, and South Africa are leading the intra-Africa trade activities on the Paxful platform.

Since its inception, Paxful has helped many business owners who want to be successful in the crypto space. There are many ambitious bitcoin-savvy business owners focusing on the African market, including Malawian entrepreneur named Grey who helps customers to buy and sell bitcoin. His bitcoin business sees growth and he manages to hire more employees to help customers in navigating their financial needs.

Zam Zam Water and Grow Educare Centers are two examples of the social development organizations that operating their businesses in Africa which include cryptocurrency to raise funds for their project initiatives. Zam Zam Water builds schools and pays teachers’ salaries by raising funds in the bitcoin industry. Meanwhile, Grow Educare Centers buy supplies like books, stationaries, toys, for kindergartens that support disadvantaged communities.

Artur Schabak and Ray Youssef, Co-Founders of Paxful
Artur Schaback and Ray Youssef, Co-Founders of Paxful (Image Supplied)

Paxful’s Co-Founder and CEO, Ray Youseff, said: “While African entrepreneurs continue to face many lingering challenges, we have seen first-hand on our platform how the opportunity to use technology and innovate can achieve greater financial inclusion as well as socio-economic development and job creation.”

Youseff added, “As an African-born tech entrepreneur myself, my hope is that African governments, regulators, and policymakers will create the right operating environment for the continent’s young Digi-entrepreneurs to succeed.”


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