Crypto Marketplace Paxful Launches Africa COVID-19 Relief Fund

News | May 5, 2020 By:

Peer-to-peer (P2P) bitcoin marketplace Paxful has launched a new initiative that aims to use bitcoin donations to aid in COVID-19 relief in Africa.

In 2017, Paxful launched a charitable initiative, called #BuiltWithBitcoin, to show that bitcoin can help people around the world. The goal of #BuiltWithBitcoin is to build 100 schools, water wells, and community gardens for sustainable agriculture funded entirely by bitcoin. Paxful is now expanding the initiative with the launch of the Africa Fund, which will use bitcoin donations to purchase Personal Protective Equipment (PPE), food packs, and even provide high-risk individuals with groceries and handwashing stations.

Paxful will kick off by donating $15K which has been confirmed to provide:

  • 8,400 meals across South Africa
  • 6,100 masks for frontline workers in the Kibera slums of Kenya
  • 1000 meals/sanitizer/PPE packs in various states of Nigeria including Kaduna Kano, Adamawa, Enugu, Abuja, Lagos, and Kwara
  • Health insurance, access to clean water, books, and school supplies to continue learning through the pandemic for 1873 people (the students and families of children attending Paxful’s #BuiltWithBitcoin schools in Rwanda)

“As a bootstrapped company, with founders who have a passion for giving instead of material things, we cultivated #BuiltWithBitcoin around creating positive social change,” said Ray Youssef, CEO of Paxful. “Paxful was the first to really look at Africa and see the opportunity to make a difference through bitcoin. The Africa Fund is just the latest in what will be an ongoing effort to provide relief and serve these resilient communities we grew within their time of need.”

Paxful said that it will match any bitcoin donation made to the fund, and facilitate the next steps in securing additional meals, water stations, and PPE.