Paxful Expands Investment in Africa with Launch of Nigerian Bitcoin Incubation Hub

The hub will launch this autumn and provide a co-working space and services including mentorship, corporate and individual blockchain training, and networking


Nigeria’s start-up culture and educated citizenry in Fintech and E-commerce have proven that the country is brewing a technological revolution and advancement.

To make more enhancements to the tech scene in the country, Paxful, a bitcoin marketplace company will build a blockchain technology incubation hub in Lagos, Nigeria, as part of its growing investment in Africa.

The hub will provide a co-working space and services including mentorship, corporate and individual blockchain training, and networking for ICO advisors.

Paxful CEO, Ray Youssef said: “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. The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.”

Paxful Co-founder and CTO, Artur Schaback said: “We are where we are now because people gave back and it helped us tremendously. Nick Spanos funded the Bitcoin Centre in New York right next to the NYSE, and it connected so many of us and gave us a home. We want to do the same for Africa and the emerging world. The real wave of bitcoin entrepreneurs and revolutionary blockchain projects has yet to emerge. Paxful will do everything we can to empower the Africa Cheetah generation.”

Chuta Chimezie, a leading blockchain and cryptocurrency advocate in Nigeria and founder of the Blockchain Nigeria User Group has also been appointed as the company’s Regional Director of Africa.

“It is a privilege to work with an organization that believes in investing in countries with great potential such as Nigeria,” said Chimezie. “Paxful’s initiatives have not only helped those in great need here, but are also helping African entrepreneurs achieve their full potential. Paxful is using Bitcoin to do good in the world, and I am proud to become an integral part of that.”

The company is known for its philosophy of using bitcoin technology to empower and help people who wouldn’t usually have access to the cryptocurrency on the go. It brings the sharing economy and frictionless cryptocurrency commerce within easy reach of everyone, especially the underbanked. The platform allows users to purchase, sell or accept bitcoin almost instantly, while its global wallet works to exchange or “translate” funds regardless of type. Entities like gift cards, for example, can be converted to other gift cards, cash or cryptocurrency.

Paxful has over 1.7 million monthly users and operates on open-source Bitcoin and blockchain technology. It offers over 300 different payment methods, the most popular being bank transfers, Amazon Pay and PayPal.

Paxful will sponsor several blockchain and crypto-focused events in Nigeria, and plans to sponsor and speak at others in Ghana, Cameroon and Kenya. The company has a long history of investment in Africa, launching the #BuiltwithBitcoin charitable program last year to encourage the cryptocurrency sector to contribute funds for humanitarian projects. With the help of non-profit organization Zam Zam, Paxful launched the initiative by donating $50,000 in bitcoin for the construction of a new Rwandan nursery school in the country’s Bugesera District.

The incubation hub will launch in autumn this year.

The company will be present at the upcoming Blockchain & Cryptocurrency Conference Lagos Nigeria 2018 hosted by Blockchain Nigeria User Group in Lagos from 19-20 May 2018.