The East Africa cryptocurrency market is gradually maturing as investors develop trust and confidence in the use of digital assets. The unique proposition of financial freedom is what makes cryptocurrencies a valued possession for investors, and Paxful is among the first wave to seize the advantage.
Although cryptocurrencies promote a massive wealth distribution globally, the market is still in a novice stage of development. However, the cryptocurrency wind has successfully managed to sweep the Eastern Africa market, especially Kenya.
A Citibank analysis in 2016 showed that Kenya’s Bitcoin (BTC) holdings account to 2.3% of its gross domestic product (GDP). This is a sizeable figure making Kenya as one of the globe’s largest Bitcoin holdings country.
Bitcoin Exchange Paxful Sets Its Eye on the East Africa Crypto-Market
Built on the open source Bitcoin and blockchain technology, Paxful has established a name for itself as a leading peer-to-peer cryptocurrency marketplace. Currently, the exchange handles $15M USD worth of global Bitcoin transactions every week.
Furthermore, the exchange is well-known for providing robust security and efficiency. With a strategic entry in Kenya, Paxful will be directly competing with Kenya’s micro-financing service MPESA system. MPESA recently announced a new Bitcoin device which allows Kenyans to instantly buy/sell bitcoins on peer-to-peer marketplaces.
Paxful aims to compete with MPESA with some of its unique service offerings. Additionally, the exchange is popular in the market because it allows its customers to seamlessly trade bitcoins. The exchange facilitates more than 300 different payment options including cash deposit, bank transfer, credit or debit cards, etc. There is no deposit or withdrawal fee that the exchange charges.
Paxful is also popular among online business enterprises allowing online shoppers to pay using Bitcoin. Currently, there is no buyer fee but the exchange charges 1% seller fees.
Successful Completion of a Project in Rwanda
The Bitcoin exchange is also known for taking several noble initiatives under its wing. Paxful successfully completed a recent project for a charitable initiative in Rwanda, called #BuiltWithBitcoin. The project was constructing a school, located in Rwanda’s Bugesera District, for students in the age group between 6-15.
This is Paxful’s second Bitcoin-funded project aimed for a noble cause. Earlier this year, the exchange constructed another school for children between 3-6 years of age. The #BuiltwithBitcoin initiative started in 2017 by Paxful, as it aims to promote charity and philanthropy in the cryptocurrency industry.
“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.”
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