Crypto in Africa: Paxful looking at cryptocurrency’s potential in East Africa

Paxful, a peer-to-peer marketplace, is reportedly looking at the cryptocurrency market’s growth potential in East Africa. The startup has already set up shop in Rwanda, ventured into Kenya, and has grown over the last three years into a global peer-to-peer crypto marketplace. It reportedly handles $15 million in crypto transactions, BTC in particular, per week from across the world. This rapid expansion has solidified its place among major reputable crypto players and offers enhancements in both security and efficiency.

Paxful has over 1 million active monthly users from around the world. This is because it has partnered with popular payment platforms such as PayPal, Western Union, Amazon Gift Cards and iTunes Gift cards.

Paxful’s entry into the East African scene is at a time when crypto penetration in Africa is at an all-time high. According to recent studies, one in three Kenyans owns a crypto wallet. Additionally, Kenya’s M-PESA system, a mobile phone-based money transfer and micro-financing service, recently announced the launch of its own crypto device. This will make it convenient for Kenyans to buy and sell cryptos on peer-to-peer marketplaces.

A tokenization drive has been initiated in Rwanda to help steer the crypto market. It has helped connect buyers and sellers to easily trade cryptocurrencies like BTC. This has been aided by the fact that the platform has no buyer fee and a minimal 1% seller fee in online shopping, which has attracted the attention of many online shoppers.

In Rwanda, Paxful is engaged in a project called #BuiltWithBitcoin in conjunction with the non-profit organization Zam Zam Water. The project aims to a school for 6- to 15-year-olds. Previously, the charity initiative funded launched a school in Bugesera in the Nyamata Sector for 3- to 6-year-olds. The aim is to promote charity within the crypto community and to improve and change lives for a better world, according to Paxful CEO Ray Youssef.

The developments in Rwanda and Kenya reflect the growing demand for investing in crypto in East Africa. In Kenya, for instance, more and more people are becoming more confident in dealing with cryptocurrency despite it being new and coming with a learning curve. Most people have come to accept its plethora of benefits. It offers massive wealth distribution globally as well, and presents financial freedom to individuals.

Crypto ventures have the potential to be the initiator of many emerging fundamentals of economic growth in the East African region if the right balance is found.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Crypto in Africa: Pesamill opens 2-in-1 crypto exchange as ONEm launches hybrid crypto

Pesamill Africa has begun trading in one of Africa’s most active crypto markets. The startup’s exchange service will compete with the likes of Bitpesa and will market itself to more than 48 million Kenyans. It promises to help the residents buy and sell cryptocurrency through peer-to-peer exchanges, or via its centralized exchange, with an order book. Its founder, lawyer Brian Ngugi said they will offer cross-platform trading, which will be a two-in-one type of exchange.

Ngugi spoke to delegates at the launch in Nairobi last September 26, which was also attended by members of the Blockchain Association of Kenya. Ngugi said, “We aim to solve the tedious and complex Know Your Customer (requirements) of most global exchanges.”

To do that, Ngugi promises to speed up verification, boost security and ease payment processes, among other things. Pesamill Africa will trade BTC, ETH, LTC, and XRP.

The exchange is entering Kenya, which is rated as one of the top 25 cryptocurrency markets in the world, and third in Africa after Nigeria and South Africa.

Ngugi is optimistic that if regulated, crypto would spur growth and confidence in East Africa’s ecosystem. The streets of Nairobi continue to thrive with Bitcoin despite the shadow of uncertainty hanging over its future. This comes in the wake of Bancor Network, a fintech company based in Nairobi, announcing that it will launch a network of blockchain-based communities. These are intended to help East Africans to manage their digital tokens using part of the $150 raised last year in a token sale.

ONEm launches hybrid crypto

Closely tied to the new exchange platform, mobile startup ONEm Communications has launched a hybrid cryptocurrency focused on reaching the unbanked masses in Africa. The startup is based in London and deals in mobile services that create an ecosystem that allows people to communicate and access information through mobile phones.

The digital currency, mCoin, will be an internet-free coin that can be transferred between users via cell phones using text messages or apps. mCoin will be launched globally with Africa as their starting point, where it will “leverage [Africans’] happiness by giving them simple and effective tools that extend their capabilities.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Crypto in Africa: New intercontinental payment methods poised to overtake US dollar

The U.S. dollar is reported to be losing its place as the top intercontinental currency in Africa. This is according to SWIFT, the global provider of financial messaging services. African usage of the U.S. dollar dropped from 50% in 2013 to 45.1% in 2017, and this is attributed to citizens switching more to local currencies and mobile payments (possibly including cryptocurrencies) to handle international transactions. It’s difficult to say how much of such payments were made through cryptocurrencies, but the 6.4% of mobile statistics clearly means they were government-approved currencies without actual intrinsic value.

It has been reported that African countries have been gradually adopting blockchain and crypto technologies over the past few years. GSM Association estimates that Africa will likely have 725 million mobile phone subscribers by 2020, which, in turn, can boost cryptocurrency adoption in the region. SWIFT noted that with mobile money and other digital financial services, people can store money securely, spend it effortlessly, and afford the small fees charged by their providers.

The U.S. dollar has been replaced chiefly by the South African rand and the West African franc as the leading inter-country exchange currency in Africa. The franc commands 7.3% of such payments, up from 4.4% in 2013. The rand has moved up from 6.3% to 7.2% in usage. The British pound has spiraled downwards too, from 6.2% to 4.6% of such transactions.

Africa hit by crypto mining USB malware infections

Kaspersky recently published a Lab Review of USB and removable media threats in 2018 that showed Africa as one of the most affected regions by crypto mining-related USB malware infections.

Crypto mining malware have been harnessed by cyber attackers as an effective and persistent distribution vehicle for spreading malware between unconnected computers. The toll on victims has been on the rise, given that emerging markets—where USB devices are more widely used for business purposes—are the most vulnerable to malicious infection spread by removable media. Such markets are especially prevalent in Africa, Asia and South America.

Isolated hits were also detected in countries in Europe and North America. An example is Radiflow, specializing in SCADA (supervisory control and data acquisition), which saw its servers suffer malware infection.

Despite the fact that USB devices are less effective at spreading infection than in the past due to growing awareness of their security weakness and declining use as a business tool, they remain a significant risk that users ought not to underestimate. Attackers still continue to find exploits and some infections go unnoticed for years. USB devices have been around for over two decades and have acquired a reputation of beingvulnerably to cybersecurity threats.

According to Kaspersky Security Network, KSN data, a popular crypto-miner malware detected in drive-roots is Trojan.Win32.Miner.ays/ Trojan.Win64.Miner.all, known since 2014. The Trojan drops the mining application onto the PC, then installs and silently launches the mining software and downloads the requirements that enable it to send any results to an external server controlled by the attacker.

Infections have been reported to grow via removable media unnoticed and continually year-after-year with detections of the 64-bit version of the miner growing by around a sixth, increasing by 18.42% between 2016 and 2017, and expected to rise by 16.42% between 2017 and 2018.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Crypto in Africa: Namibia conservationist uses Bitcoin BCH, Zimbabwe seeks to adopt crypto

Cryptocurrencies continue to spread their wings in Africa.

Recently, a wildlife conservationist decided to use cryptocurrencies, Bitcoin BCH in particular, to help save the wildlife in Namibia.

Nadja Leroux is of the opinion that cryptocurrencies provide the best avenue for saving wildlife in Africa. She opted for cryptocurrency as it provides faster transactions no matter where users are located. She first came across cryptocurrency when someone sent her $10 worth of Bitcoin BCH while she was still in the African wilderness. This made her happy, as she could make transactions in the middle of nowhere. As a result, Leroux decided to create a Bitcoin BCH fund to help raise money to save the African wild dogs and is hoping to raise about $1,600 that she will use to acquire the necessary technology to help protect the animals.

According to her tweet, Leroux stated that she plans to buy an iPad to help with keeping records and doing the analysis. So far, the account has collected $33 worth of Bitcoin BCH. Her tweet also emphasized the importance of saving 4,500 African wild dogs in the world.

Leroux has been actively involved in helping save these endangered species. She has spent 121 days out in the field setting up the groundwork for her project. She hopes to get enough funds to finish up her operation.

Zimbabwe turns to crypto for help saving country’s economy

Zimbabwe might finally break from its financial chains, all thanks to cryptocurrencies. The newly appointed Minister of Finance in Zimbabwe, Mthuli Ncube, is making changes to have the country back on track. According to reports, Ncube has promised to push the Reserve Bank of Zimbabwe (RBZ) into creating a division that will see the bank develop a better understanding of cryptocurrencies.

Barely two weeks in office and Ncube is making changes to have the country financial sector return to its former glory. He believes cryptocurrencies will help fulfill this vision. According to the minister, governments who have taken rather a positive stand on cryptocurrencies are doing much better. He quoted Switzerland, acknowledging the fact that people in that country can pay for their travel expenses using cryptocurrencies. He believes by taking a positive approach towards cryptocurrency, Zimbabwe will have a fighting chance of saving its economy.

He also stated that instead of banning crypto-related activities, authorities should look for ways to regulate the industry and encourage young people in the country to participate in this new technology.

The financial situation in the country has caused many to looks for other alternatives. Some have resulted to banking with international banks in other countries like South Africa and Botswana, while others have decided to transact with cryptocurrencies away from authorities’ watchful eyes.

The cryptocurrency community in the country hopes the central bank will accept this new line of thinking to help lift the ban in the country.

Uganda gets a new token to help connect the communities

RightMesh AG, a connectivity company that developed a decentralized mobile mesh network, has listed their token, RMESH, on the Golix exchange in Uganda. RightMesh is on a mission to bring online connectivity to the people living in Africa. To achieve this vision, the company has been giving users cryptocurrencies as incentives in order to participate in the mesh network.

Golix has joined RightMesh to help facilitate this project. Since its launch in Uganda, Golix has helped many people buy and sell cryptocurrencies including Bitcoin BCH, along with BTC, LTC and ETH, among others.

At the beginning of this year, RightMesh completed a $30-million token sale in preparation of their new platform. John Lyter, CEO and founder of RightMesh, believes this opportunity will benefit many people in the country. According to reports, many people in the country cannot connect with other people, either domestically or abroad, through social media because the government in Uganda passed a motion to tax social media activities. As a result, users have to pay a high costs just to connect with other people.

By introducing the peer-to-peer platform, people in the country will be able to easily connect with one another. RightMesh believes that with their tokens in place, people not only in Uganda, but also around the continent, will benefit.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Crypto in Africa: Namibia conservationist uses Bitcoin BCH, Zimbabwe seeks to adopt crypto appeared first on Coingeek.

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Crypto in Africa: Namibia conservationist uses Bitcoin BCH, Zimbabwe seeks to adopt crypto

Cryptocurrencies continue to spread their wings in Africa.

Recently, a wildlife conservationist decided to use cryptocurrencies, Bitcoin BCH in particular, to help save the wildlife in Namibia.

Nadja Leroux is of the opinion that cryptocurrencies provide the best avenue for saving wildlife in Africa. She opted for cryptocurrency as it provides faster transactions no matter where users are located. She first came across cryptocurrency when someone sent her $10 worth of Bitcoin BCH while she was still in the African wilderness. This made her happy, as she could make transactions in the middle of nowhere. As a result, Leroux decided to create a Bitcoin BCH fund to help raise money to save the African wild dogs and is hoping to raise about $1,600 that she will use to acquire the necessary technology to help protect the animals.

According to her tweet, Leroux stated that she plans to buy an iPad to help with keeping records and doing the analysis. So far, the account has collected $33 worth of Bitcoin BCH. Her tweet also emphasized the importance of saving 4,500 African wild dogs in the world.

Leroux has been actively involved in helping save these endangered species. She has spent 121 days out in the field setting up the groundwork for her project. She hopes to get enough funds to finish up her operation.

Zimbabwe turns to crypto for help saving country’s economy

Zimbabwe might finally break from its financial chains, all thanks to cryptocurrencies. The newly appointed Minister of Finance in Zimbabwe, Mthuli Ncube, is making changes to have the country back on track. According to reports, Ncube has promised to push the Reserve Bank of Zimbabwe (RBZ) into creating a division that will see the bank develop a better understanding of cryptocurrencies.

Barely two weeks in office and Ncube is making changes to have the country financial sector return to its former glory. He believes cryptocurrencies will help fulfill this vision. According to the minister, governments who have taken rather a positive stand on cryptocurrencies are doing much better. He quoted Switzerland, acknowledging the fact that people in that country can pay for their travel expenses using cryptocurrencies. He believes by taking a positive approach towards cryptocurrency, Zimbabwe will have a fighting chance of saving its economy.

He also stated that instead of banning crypto-related activities, authorities should look for ways to regulate the industry and encourage young people in the country to participate in this new technology.

The financial situation in the country has caused many to looks for other alternatives. Some have resulted to banking with international banks in other countries like South Africa and Botswana, while others have decided to transact with cryptocurrencies away from authorities’ watchful eyes.

The cryptocurrency community in the country hopes the central bank will accept this new line of thinking to help lift the ban in the country.

Uganda gets a new token to help connect the communities

RightMesh AG, a connectivity company that developed a decentralized mobile mesh network, has listed their token, RMESH, on the Golix exchange in Uganda. RightMesh is on a mission to bring online connectivity to the people living in Africa. To achieve this vision, the company has been giving users cryptocurrencies as incentives in order to participate in the mesh network.

Golix has joined RightMesh to help facilitate this project. Since its launch in Uganda, Golix has helped many people buy and sell cryptocurrencies including Bitcoin BCH, along with BTC, LTC and ETH, among others.

At the beginning of this year, RightMesh completed a $30-million token sale in preparation of their new platform. John Lyter, CEO and founder of RightMesh, believes this opportunity will benefit many people in the country. According to reports, many people in the country cannot connect with other people, either domestically or abroad, through social media because the government in Uganda passed a motion to tax social media activities. As a result, users have to pay a high costs just to connect with other people.

By introducing the peer-to-peer platform, people in the country will be able to easily connect with one another. RightMesh believes that with their tokens in place, people not only in Uganda, but also around the continent, will benefit.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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