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Paxful pours bitcoin into Rwanda's education, agriculture resources

Paxful pours bitcoin into Rwanda's education, agriculture resources

US-based crypto-currency marketplace Paxful has announced that its #BuiltwithBitcoin program, launched in 2017, has facilitated the construction of a new nursery school in Rwanda's Bugesera District – as well as the construction of a 35,000 litre water tank.

In early May the company announced its intention to expand into Africa and compete head-on with operators including LocalBitcoins, BitKan, Bitsquare, and traditional exchanges such as Luno.

ITWeb reported that leadership from the peer-to-peer marketplace for buying and selling crypto-currencies recently visited Ghana, Nigeria and South Africa on a fact-finding mission regarding the continent's expanding consumer base.

The company stated that African consumers account for over R500 million in transactions per month on its platform.

It has also appointed a new Regional Director of Africa and building a blockchain technology incubation hub in Lagos, Nigeria.

According to information supplied, the hub will launch in fall 2018 and provide a co-working space and services including mentorship, corporate and individual blockchain training, and advisement for ICOs.

Paxful will also sponsor several blockchain and crypto-focused events in Nigeria, with others planned for Ghana, Cameroon and Kenya.

#BuiltwithBitcoin

In June the company again referenced Africa, this time mentioning that its CSI-focused program, #BuiltwithBitcoin, in partnership with non-profit organisation Zam Zam, assisted in the construction of a nursery school and additional classroom resources.

According to Paxful, it donated US$50 000 in bitcoin towards the initiative.

"The company is now increasing its investment in the school by upgrading the facilities, providing teachers with educational materials and salaries, and giving students free launches, uniforms and new desks. It is also building a water filtration system to allow water from local wells to be used for farming," reads a statement issued by the company.

The partners have announced the participation of crypto-currency provider AnthemGold in the initiative.

AnthemGold is said to have donated bitcoin towards the construction of a water tank in Rwanda and fund the cultivation of over 80 sustainable community gardens and 30 goats for two villages.

"I am grateful to participate in a project that builds sustainable and essential projects for communities in need," said Anthem Hayek Blanchard, CEO of AnthemGold. "We hope to use Zam Zam's knowledge to provide people with the building blocks needed to foster and grow."

Ray Youssef, CEO of Paxful. "#BuiltwithBitcoin was started as a way for us to assist communities around the world who have been historically underserved, and we look forward to expanding the initiative with additional partners."

Yusuf A. Nessary, founder and president of Zam Zam, said, "Access to water and education are core principles at Zam Zam Water. Working with Paxful has allowed us to use bitcoin and cryptocurrency to give the opportunity of a better quality of life to those in underdeveloped countries. The potential that Zam Zam, Paxful, and cryptocurrency have in implementing projects for good is inconceivable, and I am extremely optimistic at what the future holds."

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