Search ForexCrunch
  • Paxful, a P2P crypto marketplace, is expanding its #BuiltWithBitcoin charitable initiative in Africa by launching the “Africa Fund.”
  • Paxful will launch the fund with $15,000 and will match any additional donations submitted up to $15,000 in BTC.

Paxful, a peer-to-peer (P2P) crypto marketplace, recently announced the expansion of its #BuiltWithBitcoin charitable initiative in Africa by rolling out the “Africa Fund.” The fund will use BTC donations to buy necessary supplies required to fight the coronavirus pandemic. 

COVID-19 cases are increasing in Africa “at exponential rates,” according to the announcement. Fundraising aims to acquire Personal Protective Equipment (PPE), food packs and provide high-risk individuals with groceries and handwashing stations.

Paxful will launch the fund with 15,000 and will match any additional donations submitted up to $15,000 in BTC. Paxful CEO, Ray Youseff, said:

We know that the past month has been challenging for everyone. And in Africa, where many Paxful users are from, was also hit by this pandemic. Health systems are underfunded and understaffed and many people are living in unfavorable conditions. In response to that, we are starting a #BuiltWithBitcoin COVID-19 Fund for Africa that aims to directly help communities and showcase crypto as a positive force in times of crisis.

Emphasizing the vital role played by cryptocurrencies during critical times, Youseff said:

The peer-to-peer nature of cryptos passes boundaries of traditional finance, in some cases, it is faster and more convenient when transferring funds. In a pandemic, where time is not on our side and we are restricted to move, we need more reliable alternatives and resources to keep our finances flowing – may it be for money transfers or new revenue streams.

According to Cointelegraph, Youseff noted that Paxful is open to expanding to other countries as long as they find the right partners as they did in Africa.