Paxful, the P2P cryptocurrency exchange platforms, made a public announcement today Monday, 4th May 2020, that it is launching a Bitcoin donation-based initiative. The initiative is targeted at supporting African charities amid the COVID 19 global pandemic.
The exchange which is not a new player in the industry is known to have been involved in several charity works in the past. The recent pandemic has seen the company move to support charities in South Africa and Kenya with the view to ameliorating the challenges faced by the countries in combating the disease.
Paxful launched its first charity initiative (BuiltWithBitcoin) in 2017 to display the help Bitcoin can render to groups and individuals around the world. The initiative has further expanded with the launch of Paxful’s Africa fund, which is aimed at providing funds for the COVID19 aid in Africa.
Paxful CEO, Ray Youssef further revealed that the charity initiative is the company’s effort to make a difference for people via social change by leveraging cryptocurrency.
According to him
Our mission is to help Africa fight COVID-19.— Paxful (@paxful) May 4, 2020
Starting off with $15K together with food and PPE, #BuiltWithBitcoin will match every dollar donated up to $15K USD.
See how you can help👇https://t.co/QiSDxcItQs
“As a bootstrapped company, with founders who have a passion for giving instead of material things, we cultivated #BuiltWithBitcoin around creating positive social change.”
He highlighted that the company was the first to really see the potentials of cryptocurrency especially Bitcoin as a tool that could make a diffence in the continent. He maintained that the funds would continue to grow to meet emerging needs.
He stated that the initiative would provide over 8,400 meals across south Africa and provide over 6,100 face masks for frontline health workers in Kenya. To kickstart the project, Paxful has funded USD 15,000 and will further match other cryptocurrency donations by over $15,000 in Bitcoin.