Paxful Peer to Peer Marketplace is Exploring Cryptocurrency’s East Africa Growth Potential
Paxful Exploring Cryptocurrency’s Prospects in East Africa
Paxful is a peer-to-peer based marketplace. Recent reports indicate that the platform has started exploring cryptocurrency options in the ever-expanding East African market. Currently, the startup has set up shops in two East African countries, namely Kenya and Rwanda. Apart from setting up shops in these countries, its operations have also seen it become a leading p2p global marketplace.
Internal reports from the company indicate that the company has been handling as much as $15 million in crypto-related transactions in any given week. Many of its transactions are BTC related and emanate from different locations across the globe. Its continuous expansion has seen it claim a leading position among the top global crypto dealers.
In addition, it has also provided it with much-needed enhancements in the form of efficiency and security. It is estimated that the platform has an active user base totaling one million users per month, with many being from varied locations.
Its rapid expansion has mainly been due to its various partnerships, which has seen it enter into agreements with companies like iTunes Gift Cards, PayPal, Amazon Gift Cards, and Western Union Money transfer platform.
Paxful is seeking to enter the East African marketplace at a time when cryptocurrency use and penetration has continued to rise all over Africa. Recent statistics indicate that out of every three Kenyans, one of them has access to, and currently owns a crypto-based wallet.
M-PESA, a micro-financing and money transfer service operating in Kenya, and numerous other East African countries recently released a statement indicating that it was looking to launch its own cryptocurrency device. The introduction of this device by M-PESA is bound to make it easier for many East African residents to access, buy, as well as sell cryptocurrencies on most p2p marketplaces.
Tokenization and the Crypto Market
A tokenization drive was recently announced in Rwanda, which is aimed at helping steer the cryptocurrency market in the region. The drive has been lauded for helping connect crypto buyers and sellers. In return, it has made it possible for cryptocurrency enthusiasts to trade in many global cryptocurrencies such as Bitcoin.
The drive has also been aided by the fact that the platform being used to connect the buyers and sellers is not charging a buyer fee and, also has no minimal one percent seller fee which is common in many web-based shopping platforms. This is something that has attracted the attention of many web users who are now looking to take advantage of this opportunity to transact online using cryptocurrencies.
Paxful is currently running a project known as #BuiltWithBitcoin together with Zam Zam Water—a nonprofit organization—in Rwanda. The purpose of this project is to help create a school for children between the ages of six and fifteen. The project was initially used to launch a school for children between three and six years old in a Bugesera.
The people behind the project are hoping to rally the crypto community to come together to assist in improving and changing the lives of the local community for a better tomorrow.