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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DLT, AI task force chief calls for tokenized Kenyan economy

Kenya may likely be moving towards tokenizing its economy to solve the alarming rate of corruption and unemployment in the country, following suggestions made by Bitange Ndemo, chairman of Kenya’s Distributed Ledgers and Artificial Intelligence task force, during a stakeholders meeting between the Information and Communication Technology Ministry (ICT) and private sector, The Star news outlet reported.

Kenya has taken a keen interest in blockchain technology and remains one of the African nations at the forefront of the technological revolution. The Distributed Ledgers and Artificial Intelligence task force was established by the government in March to understand the technology and find ways to integrate it to the public sector. It is made up of blockchain experts, Kenyan blockchain startups, researchers, legal practitioners, regulatory bodies, and other associated parties.

Ndemo is convinced that tokenizing the economy will turn the nation’s economy around. He said, “We must begin to tokenize the economy by giving incentives to young people to do things which they are paid through tokens that can be converted to fiat currency.” He believes that adopting crypto tokens can help increase employment in the country. Ndemo also outlined the importance of creating a digital currency that can be equivalent to fiat currency.

This is not the first time that the task force suggested the creation of a cryptocurrency. In July, the task force presented the idea of developing a central bank digital currency to the ICT. The project is yet to see the light of day, but Ndemo said that while they “are not very enthusiastic at the moment, of course it will come, but we first want people to understand use of tokens.”

Kenya is constantly seeking means to transform its economy with the blockchain technology, from land registries being placed on the blockchain to end land crisis to integrating blockchain into its voting system for a better election process.

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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Kenya’s cryptocurrency project seeks to improve logistics quality

Several days after Kenya’s electoral agency decided to integrate blockchain into its voting system, the East African country is now reportedly preparing to launch its first blockchain-based cryptocurrency for value supply chain by the end of September. According to the Daily Nation report, the cryptocurrency project, called TMX Global Coin, aims to solve the problems in the logistics industry in Africa. TMX Global Coin was reportedly developed in 2017 as a decentralized platform that utilizes smart contracts to eliminate problems associated with both domestic and international import and export business. Speaking to nation.co.ke, TMX Global CEO Anthony Njoroge pointed that the numerous reports and complaints arising from the supply chain sector especially in Africa, led to the development of Kenya’s own cryptocurrency. He said, “We are using blockchain technology to enhance cargo logistics business to have more open, transparent and democratized process using a decentralized system where all users are able to talk to each other on an open platform.” With the TMX platform, customers can place their orders online and monitor the whole supply chain process. They can also review all of the required documentation before they start the trading. According to Njoroge, “The consumer as well gets to know the amount of money required through the different processes the cargo goes through and the estimated amount of time.” Kenya’s landmark crypto project is set to launch by the end of September 2018, with a goal of gaining adoption in the trading sector by May 2019. Kenya has recently turned to blockchain for help in its bid to boost its economic and political development. The East African country’s Independent Electoral and Boundaries Commission (IEBC) chairman Wafula Chebukati announced that the government is eyeing distributed ledger technology (DLT) to improve the efficiency and transparency of Kenya’s electoral system.
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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