Just of recent, Paxful, a global peer-to-peer exchange had announced the “African Fund” set towards assisting or helping with COVID-19 related issues.
It is said that the “African Fund” will use Bitcoin to purchase food, PPE, water stations, and more be sent for donations in various parts of the continent.
Ray Yussef, CEO and Co-Founder of Paxful, sighted the hard times that the world has faced as a result of the pandemic as a motivating factor that can lead to significant changes in the digital financial world. “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,” he said.
“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,” he added.
As of the time of writing, Africa has recorded over 46,600 cases of COVID-19, with about 1,830 deaths. Despite relatively weak health structures and insufficiency of competent medical personnel, the continent has handled the pandemic better than expected.
It is without a doubt that at this particular time, more donations like PPE’s for frontline workers or relief items for affected individuals may go a pretty long way to ease the pressure on these structures. It is also worth noting that beyond the Virus itself, the restrictions placed to reduce spread has had a negative effect on the economy, especially in the middle to low class. The same can be said of all other regions experiencing the same effects. When asked if they were willing and ready to expand to other regions, Paxful expressed the desire to expand if they find the right business 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.”