U.S. Bitcoin marketplace and digital wallet, Paxful is planning to establish a blockchain incubation hub in Lagos, Nigeria.
Paxful intends to show its commitment to the African market by investing in the blockchain incubation hub, which will launch in the next few months, according to Techcity.
The peer-to-peer marketplace will set the incubator up as a co-working space which will offer networking and advice for initial coin offerings, corporate blockchain training and mentorship for Nigerian developers working with blockchain.
The company has over 1.7 active million monthly users on its platform, with these users able to purchase, sell or accept bitcoin, while its global wallet enables funds to be exchanged, with over 300 different payment methods available, including Amazon Pay and PayPal.
Blockchain technology is showing signs of steady growth across the continent, with Africans embracing the technology and the solutions that it promises to modern-day challenges.
As blockchain technology enables a continuously growing list of records to be linked and secured using cryptography, the applications for this tech may solve a number of economic and political issues that are currently experienced in Africa.
Paxful CEO Ray Youssef explained the company’s focus on Africa and their efforts to support blockchain entrepreneurs across the continent.
“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,” Youssef said, according to BitcoinMagazine.
“The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world,” he added.
Nigeria has been selected as the base for its African blockchain incubation hub due to the popularity of Paxful in the country, but also because of Nigeria’s successful startup culture.
Ahead of the incubator launching in Lagos, the company has hired its first African executive to oversee the hub’s day-to-day operations and recruit the necessary staff, according to ITWebAfrica.
Chuta Chimezie has been appointed as Paxful’s Regional Director of Africa, and in addition to his work in running the incubation hub, he will work to improve brand awareness and create educational content.
Prior to joining Paxful, Chimezie founded the Blockchain Nigeria User Group, a selection of advocates and entrepreneurs working to increase the adoption of these emerging technologies in Nigeria.
