Bitcoin-funded charity in Africa? Yes, says Paxful
Paxful, the global crypto-marketplace, launched #BuiltWithBitcoin last year to encourage the cryptocurrency sector to contribute funds for humanitarian projects. The International non-profit organization, Zam Zam Water, is the implementation partner for the program.
Paxful has always believed in the potential of bitcoin to benefit people across Africa, including building 100 schools across the continent, as well as water wells and community gardens for sustainable agriculture.
“The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency,” said Ray Youssef, CEO of Paxful. “We firmly believe that it can improve lives and make the world a better place.”
Artur Schaback, Paxful CTO, and co-founder add, " Our hope is that #BuiltwithBitcoin will be a model for giving in our sector. The potential to make a difference is massive and we’re excited about the future of crypto-backed development.”
Next up: Crowdfunding
As part of its #BuiltWithBitcoin initiative, Paxful recently launched a crowdfunding campaign to raise R1.3million required to build a primary school in Rwanda, following its initial investment in a nursery school in the country. Paxful has donated R263 000 worth of bitcoin to kickstart the crowdfunding campaign and will be matching all donations given from the crypto community until the target is reached.
A running start
The first school sponsored by the #BuiltWithBitcoin program is located in Kasebigege Village in Rwanda's Bugesera District. Paxful donated R660 000 in bitcoin for the construction of the nursery school in 2017. It serves children aged 3-6 in an area of 7,500 villagers. The school boasts a 35 000-liter water tank, potable irrigation system and water-catchment system which can also be used by local farmers. Teachers are provided with educational materials and salaries while students receive free uniforms and lunches.
#BuiltWithBitcoin has also awarded just under R200 000 in scholarships to help female Afghan refugees pursue their careers in the United States. Zam Zam, the implementation partner for the program, identified deserving recipients of the scholarships.
“Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students,” said Yusuf A. Nessary, founder and president of Zam Zam. “This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”