Paxful, a major P2P crypto exchange recently revealed that work on its latest charitable initiative in Africa was underway. According to a tweet by the company’s CEO, Paxful has begun working on a project in Kenya to build two schools for less-privileged children.
Cryptocurrency Exchanges Giving Back To The Community
It seems like Binance is not the only cryptocurrency exchange giving back to the community. As recently reported by Visionary Financial, Binance was helping the recent Australia fires with a $1 million dollar donation in BNB crypto. Paxful is giving back to the community in a different way, focusing on education for the Africa population.
The tweet by Ray Youssef, the Paxful CEO, shows that work on the project is already underway. It included a video showing workmen clearing a site in Kenya where one of the schools will be built. The two new schools by Paxful are the third and fourth schools that Paxful is building in Africa. He said that both of these schools would be fully using BTC donations. In the tweet, Ray said that this was a demonstration of the impact that BTC is having on the world.
The Paxful Charitable Initiative
The Paxful charitable program began sometime back with the aim of building schools for the less privileged in Africa. This program is fully funded using BTC donations from the crypto community. In early 2019, the Paxful CEO said that he always dreamed of building schools for underserved kids in the world. Consequently, the company plans to build more schools for needs kids across Africa.
According to Ray, the goal is to build 100 schools in African that will be fully funded with crypto via the #BuiltwithBitcoin program. He said that this was a way for paxful to give to the communities they serve sustainably.
Paxful has already built two other schools in Africa; an elementary school and primary school that were built in Rwanda. Additionally, the company has been working to get major players involved in this program and this will help to boost its transparency at all levels.
Charitable Initiatives in the Crypto World
In the past few years, cryptocurrencies have gotten a bad rap. This is because criminals such as drug dealers and hackers have found a haven using crypto. As a result, authorities around the world have reacted quite negatively to the nascent industry. In some jurisdictions, the authorities have gone as far as to ban all crypto transactions. In other locations, the authorities have imposed tough rules that have made it impossible for the crypto sector to thrive.
However, charitable initiatives such as the one being carried out by Paxful in Africa could help to change that narrative. It could help to show the world that just like fiat currencies, crypto can also be used for good. While there are not many charitable organizations that accept, a few initiatives are looking to change that. For instance, Coinbase recently announced a program to facilitate crypto donations. Such initiatives that have a positive and lasting on communities around the world could help to salvage the image of the crypto sector that has been badly tarnished by criminals.
Helping Africa Unemployment Rates
If future school developments are planned for South Africa, it could help out their economy. Back in March of 2019, CNBC Africa reported that “The number of unemployed persons in South Africa has increased in every first quarter of each year since 2013.” Unemployment starts at the educational level. If individuals are not receiving adequate education, history will show increasing unemployment levels. Paxful has a great opportunity to make a key impact in Africa and especially South Africa if possible.
Summary
The best part about crypto and blockchain technology is that it could bring an unprecedented level of transparency to the charitable sector. This could encourage more people to make donations to worthy causes without the fear of their funds being misused.
Image Source: Flickr
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.