Crypto Marketplace Paxful To Launch Blockchain Incubator Hub In Nigeria

Peer-to-peer crypto marketplace Paxful will be building a blockchain incubation hub in Lagos, Nigeria, as part of its growing investment in Africa.

Paxful enables anyone in the world to buy, sell and accept bitcoin instantly. Paxful’s wallet essentially functions as a universal translator for money, as any form of money can become any other form of money. For example, gift cards can be converted to other gift cards, cash, or funds in any currency in any digital wallet anywhere.

The blockchain incubation hub, which will launch in fall 2018, will provide a co-working space and services including mentorship, corporate and individual blockchain training, and networking for initial coin offering (ICO) advisors. It will be headed by Chuta Chimezie, a blockchain and cryptocurrency advocate. Chimezie is the founder of the Blockchain Nigeria User Group, an initiative of advocates and entrepreneurs driving adoption in the country.

In addition to recruiting and overseeing the incubator’s day-to-day operations, Chimezie will be responsible for conducting business operations, facilitating local and international brand awareness, and creating educational content on behalf of Paxful.

“It is a privilege to work with an organization that believes in investing in countries with great potential such as Nigeria,” said Chimezie. “Paxful’s initiatives have not only helped those in great need here, but are also helping African entrepreneurs achieve their full potential. Paxful is using Bitcoin to do good in the world, and I am proud to become an integral part of that.”

Paxful CEO Ray Youssef said the company is committed to fostering economic growth in Africa and helping the unbanked and under-banked gain access to the opportunities they have been denied for so long. He said the incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.