Global peer-to-peer exchange powerhouse, Paxful, has announced the “African Fund” set towards helping with COVID-I9 related issues.
The “African Fund” will use bitcoin to purchase food, PPE, water stations, and more for donations in various parts of the continent.
Speaking to BlockNewsAfrica CEO and co-founder of Paxful Ray Youssef sighted the hard times that world has faced as a result of the pandemic as a motivating factor.
“We know that the past month has been challenging for everyone, globally. Africa, where many Paxful users are from, has been hit by this pandemic as well. In some countries, the number of confirmed COVID-19 cases is rapidly increasing, and many people are living in unfavorable conditions. We started rallying for Africa a few years ago by building schools through the #BuiltWithBitcoin initiative.
Back then, we saw that there was a need for quality education so we came up with the goal to build 100 schools across emerging markets. Now, in these crazy times, we started the #BuiltWithBitcoin COVID-19 Fund for Africa that aims to directly help communities and showcase crypto as a positive force in times of crisis. We’ve learned so much from Africa, so this is us giving back and lending a helping hand.
At the time of writing, Africa has recorded 46,580 cases of COVID 19, with 1,827 deaths. Despite relatively weak health structures, the continent has handled the pandemic better than expected.
At this point, more donations like PPE’s for frontline workers or relief items for individuals affected may go a long way to ease the pressure on these structures. Beyond the virus itself, the restrictions placed to reduce spread has had a negative effect on the economy, especially the middle to low class.
However, the same can be said for other regions who are also experiencing similar effects. When asked if they intend to expand into other regions, Paxful expressed that it will be possible if they find the right partners.
“We are open to expanding to other regions. It’s just a matter of finding the right partners, as we did in Nigeria, Kenya, and South Africa.”