Paxful announced in a press release that it would build a blockchain technology incubation hub in Lagos, Nigeria, as part of its growing investment in Africa. The incubator is likely to come up later in 2018 along with other offerings like a co-working space, mentorship, blockchain training, and networking for ICO advisors.
“Paxful is committed to fostering economic growth in Africa and helping the unbanked and underbanked gain access to the opportunities they have been denied for so long,” said Paxful CEO Ray Youssef. “The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.”
On being appointed as the Regional Director of Africa, for the incubator, Chuta Chimezie said, “It is a privilege to work with an organization that believes in investing in countries with great potential such as Nigeria. 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.”
Chimezie, who will be responsible for the operations of the incubator is a blockchain and cryptocurrency advocate. He is the founder of Blockchain Nigeria User Group, and author of ‘Seizing Opportunities in Blockchain and Digital Currency Revolution’.
Paxful, which is an open source peer-to-peer marketplace for bitcoin and blockchain technology, enables users to buy, sell and accept bitcoin instantly. The platform claims to have 1.7 million monthly active users globally, with 300+ payment methods. Some of the most popular ways include Bank Transfer, Paypal, Western Union, Amazon Gift Cards, and iTunes Gift Cards. Its wallet is touted to function as a universal translator for money as any form of money can become any other form of money.
As per the release, Paxful will sponsor several blockchain and crypto-focused events in Nigeria and plans to sponsor and speak at others in Ghana, Cameroon, and Kenya.