Adoption of cryptocurrency
is encouraging trade and business across the continent according to experts who
say, it holds a lot of promise.
“Many young Africans see
bitcoin as an opportunity to develop commercial ventures; users set up
side-hustles and their own full-time businesses including remittance
businesses,” a statement from Paxful, a
peer to peer exchange said.
Users from Nigeria, Ghana
and South Africa have been the most active to date this year with many
operating drop-shipping businesses, payment services, as well as import-export
ventures amongst others, the company observed.
“While African entrepreneurs
continue to face many lingering challenges, we have seen first-hand on our
platform how the opportunity to use technology and innovate can achieve greater
financial inclusion as well as socio-economic development and job creation,”
Ray Youseff, CEO and co-founder of Paxful commented.
“As an African-born tech
entrepreneur myself, my hope is that African governments, regulators and
policymakers will create the right operating environment for the continent’s
young Digi-entrepreneurs to succeed,” he added.
“Zam Zam Water has built
schools and pays teacher salaries for communities in need in Rwanda with money
raised in the bitcoin industry. Bitcoin funds raised by Grow Educare Centres
has bought supplies – including books, stationery, and toys – for low-fee
kindergartens that support disadvantaged communities,” the company denoted.
Over the years, Paxful has
engaged many business owners who see a future for themselves in the crypto
space. Beyond the big players, there are many ambitious up and coming bitcoin
savvy business owners who focus on the African market.
Paxful has an impressive
user base of 3 million across the globe. As Africa is its fastest-growing region,
it enables them to have a bird’s eye view of the cryptocurrencies movement in the
Youseff bets on digital
currencies to boost intra-Africa trade even with initiatives such as African Continental
Free Trade Area (AfCFTA). The company believes that the digital economy
presents an opportunity for Africa to deepen trade relations and boost the
continent’s GDP as presented by some studies.
“By some estimates, the
AfCFTA could boost Africa trade by more than 33% and generate billions of dollars
of GDP gains for the continent over the long term,” the company concluded.
Feature Image Courtesy: Coindesk