Peer-to-peer (P2P) Bitcoin trading platform Paxful, has launched a Bitcoin fundraising campaign in Africa. Paxful announced the expansion of its #BuiltWithBitcoin charitable campaign initiative in Africa with the launch of the “Africa Fund” on May 4, 2020. The fund will utilize Bitcoin donations to purchase the necessary resources and equipment for combating the ongoing pandemic.
Bitcoin fundraising campaign
According to the firm’s announcement, the number of COVID-19 cases across Africa is increasing “at exponential rates.” The fundraising by the firm aims to purchase Personal Protective Equipment (PPE), food packs, and providing people most vulnerable to the pandemic with daily necessities as well as handwashing resources.
Paxful will launch the fund with 15,000 dollars and match any additional donations submitted up to 15,000 dollars in bitcoins.
Paxful’s CEO Ray Youseff stated that he acknowledges that the world has been suffering from the COVID-19 pandemic while health systems are understaffed and underfunded. In response to the pandemic, Paxful is launching a “#BuiltWithBitcoin COVID-19 Fund for Africa” that would directly help communities and highlight cryptocurrencies as a positive force during crises.
Youssef stated that the P2P nature of cryptocurrencies transcends the boundaries of traditional finance. He added that in some cases, crypto is faster and more convenient than traditional finance. He then stated, that in periods such as the current pandemic, we need to have more reliable alternatives to keep the funds moving, whether it is for money transfers or new revenue streams.
Many humanitarian organizations are going to support the Bitcoin fundraising campaign including Zam Zam Water which provides safe water supplies and develops schools in villages across the globe.