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Paxful plans blockchain incubator hub in Lagos

Paxful plans blockchain incubator hub in Lagos

Paxful, a bitcoin technology company says it plans to build a blockchain technology incubation hub in Lagos.

The proposed blockchain technology hub in Lagos expands Paxful’s African investments, the company says.

Under the plan, the hub will later in 2018 and provide a co-working space and services including mentorship, corporate and individual blockchain training and networking for ICO advisors.

Paxful has also appointed Chuta Chimezie as Regional Director of Africa, who will work from Nigeria to conduct business operations, facilitate local and international brand awareness and create educational content on behalf of Paxful. The company says Chimezie will also recruit and oversee the incubator’s day-to-day operations.

“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,” CEO, Paxful, Ray Youssef says.

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“The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world”, he says.

With Nigeria’s estimated 190 million people being the highest population on the continent, Paxful says the country also has the highest number of its users in Africa.

Nigeri is renowned for its highly educated citizenry and startup culture, especially in fintech and e-commerce, Paxful says.

“It is a privilege to work with an organization that believes in investing in countries with great potential such as Nigeria,”  Chimezie adds.

“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.”

Chimezie is a  blockchain and cryptocurrency advocate, having founded the Blockchain Nigeria User Group, an initiative of advocates and entrepreneurs driving adoption in the country.

He is the author of “Seizing Opportunities in Blockchain and Digital Currency Revolution,” a reference text for regulators in Africa, designed to help them understand virtual currency as an emerging technology.

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 says.

Paxful is a bitcoin marketplace and digital wallet that brings the sharing economy and frictionless cryptocurrency commerce within easy reach of everyone, especially the underbanked.

It enables buyers to purchase bitcoin directly from sellers via more than 300 different payment methods, including gift cards, cash deposits, online wallets or debit/credit cards.

Paxful says its technology secures users against fraud by employing two-factor authentication and the highest-level encryption, and holding funds in escrow until the seller has confirmed the payment.

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Technology Journalist at Technology Times

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Kolade Akinola Technology Journalist at Technology Times Mobile: + 234 (0) 807 401 6027