More Women In Africa are Turning To Cryptos, Research Shows

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The COVID-19 pandemic has brought the global economy to a standstill and put millions of people under financial stress. Understandably, people from all walks of life started looking for alternative income streams.

Not only are these side jobs providing women with additional income, but they are also giving individuals an opportunity to develop new skills in the bitcoin and blockchain space.

Blockchain skills are in high demand internationally and may unlock new career opportunities or set the ground for running a successful business in the future. 

Beyond speculative activities, bitcoin already drives a whole range of entrepreneurial ventures including arbitrage, remittance, e-commerce and educational projects, to name a few.


Realising entrepreneurial potential 

A report released by CoinMarketCap in April revealed that the number of women in the cryptocurrency industry increased by 43.24% in the first quarter of 2020. In addition, a study published in December 2019 by Bitcoin (BTC) fund operator, Grayscale, showed that 43% of investors interested in Bitcoin are women (13% up from 2018), with the number actively growing.

“Our sector can still do better to attract more female blockchain professionals and entrepreneurs. At Paxful, nearly 40% of our global workforce is female and we continuously keep our eyes out for more female collaborators, community builders and problem solvers,” says Tugba Abadan, Paxful’s newly appointed Head of MEA.

Usage of the Paxful platform is soaring, and the company also witnessed a steady increase in the number of women participating in its entrepreneurship program, the Paxful Peer Program. The program helps crypto enthusiasts become their own bosses, and women have been topping the list of best performers since its launch in November 2019.

Yvonne Kagondu, Paxful’s Community Coordinator in Kenya, says that “it’s not easy to be a young African at the moment. Unfortunately, many of us suffer the consequences of unemployment and poverty. It’s very important to be on the lookout for as many opportunities as possible and find one that suits you best.” 

Entrepreneurial aspirations in a time of crisis

According to a study, an estimated one in three working South Africans have a side job to bring in extra income. The COVID-19 lockdown has put millions of people under challenging circumstances as they faced losses of jobs and income opportunities.

The pandemic pushed people to look for alternative income sources, so the interest in crypto and bitcoin entrepreneurship grew rapidly, which Paxful confirms as the number of platform users skyrocketed since the beginning of 2020. As contactless payments are encouraged, people are opting for non-cash in-person trades using bitcoin.

Abadan concludes, “we’re very excited to see how the number of trades on Paxful from South African users has grown by more than 36% in Q2 of this year. Blockchain technology has created a new frontier for the global economy, and I believe that the industry offers plenty of opportunities to achieve greater economic independence”.

Edited by Jenna Delport
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