TechInAfrica – The crypto economy once again found highlight in Paxful and Uhuru partnership that let the African users engage in Bitcoin (BTC) and Tether (USDT) transactions.
“Many Africans living abroad face difficulties when it comes to remittances or payments, as modern money transfer operators are often expensive and time-consuming. We are now providing our users with a practical and cost-effective process offering them a global financial passport. For true financial inclusion to happen, a free market for money transfers is required,” says Ray Youssef, CEO, and co-founder of Paxful.
“This is the perfect opportunity to partner with local talent and support the growth of the crypto community in South Africa.”
The cryptocurrency is seen as a cheaper alternative in Sub-Saharan Africa as opposed to the high cost of the existing financial transactions.
A jumped in monthly crypto transfer rate to over 55% and under $10,000 to reach $316m, according to blockchain forensic and research group Chainalysis, demonstrate the high volume of crypto-related transfers in Nigeria, South Africa, and Kenya.
“By joining forces with Uhuru, we can unlock more options for our African users, many of whom are held back by restrictions of traditional financial systems, so we’re making crypto more accessible as a real-world payment method.”
“We’re thrilled to be able to partner with a leading international marketplace like Paxful. Uhuru is a product for Africans by Africans, and we share Paxful’s vision of greater financial inclusion. We look forward to working with them to include more Africans in the global economy,” concludes Reginald Tsvetu, Marketing and Business Development Officer at Uhuru Wallet.