Bitcoin-funded charity in Africa? Yes, says Paxful

Paxful, the global crypto-marketplace, launched #BuiltWithBitcoin to encourage the cryptocurrency sector to contribute funds for humanitarian projects. The International non-profit organization, Zam Zam Water, is the implementation partner for the program.

Paxful has always believed in the potential of bitcoin to benefit people across Africa, including building 100 schools across the continent, as well as water wells and community gardens for sustainable agriculture.

“One of our key goals is to, through bitcoin, bring financial inclusion to the underbanked.” says Ray Youssef, Paxful CEO, and co-founder. “#BuiltWithBitcoin is the next logical step. Now we are not only helping people around the world gain easier access to critical financial resources; through our relationship with Zam Zam Water, we are working with communities to make a real and lasting difference.”

Artur Schaback, Paxful CTO, and co-founder add, “Our hope is that #BuiltwithBitcoin will be a model for giving in our sector. The potential to make a difference is massive and we’re excited about the future of crypto-backed development.”

Next up. Crowdfunding.

As part of its #BuiltWithBitcoin initiative, Paxful recently launched a crowdfunding campaign to raise R1.3million required to build a primary school in Rwanda, following its initial investment in a nursery school in the country. Paxful has donated R263 000 worth of bitcoin to kickstart the crowdfunding campaign and will be matching all donations given from the crypto community until the target is reached.

A running start

The first school sponsored by the #BuiltWithBitcoin program is located in Kasebigege Village in Rwanda’s Bugesera District. Paxful donated R660 000 in bitcoin for the construction of the nursery school in 2017. It serves children aged 3-6 in an area of 7,500 villagers. The school boasts a 35 000-liter water tank, potable irrigation system and water-catchment system which can also be used by local farmers. Teachers are provided with educational materials and salaries while students receive free uniforms and lunches.

#BuiltWithBitcoin has also awarded just under R200 000 in scholarships to help female Afghan refugees pursue their careers in the United States. Zam Zam, the implementation partner for the program, identified deserving recipients of the scholarships.

In another development, AnthemGold has recently joined the #BuiltWithBitcoin initiative. The cryptocurrency provider donated enough bitcoin to build a 35 000-liter water tank in Rwanda and fund the cultivation of over 80 sustainable community gardens and provision of livestock to underserved local villages.

“Working with Paxful has allowed us to use bitcoin and cryptocurrency to enable a better quality of life for those in underdeveloped countries,” said Yusuf A. Nessary, Founder, and President of Zam Zam. “The potential that Zam Zam, Paxful, and the cryptocurrency community as a whole, have to implement projects for good is infinite, and I am extremely optimistic for what the future holds.”

Edited by Neo Sesinye
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