Peer-to-peer cryptocurrency (P2P) platform Paxful announced on May 4 the expansion of its #BuiltWithBitcoin charitable initiative in Africa with the launch of the “Africa Fund.” The fund will use Bitcoin donations to fight against the coronavirus pandemic.
According to the announcement, COVID-19 cases are increasing in Africa “at exponential rates.”
The fundraising aims to acquire Personal Protective Equipment (PPE), food items, and provide high-risk individuals with groceries and handwashing stations.
Paxful will start the fund with $15,000 and match any additional donations submitted up to $15,000 in BTC.
Paxful CEO Ray Youseff says:
“We know that the past month has been challenging for everyone. And in Africa, where many Paxful users are from, was also hit by this pandemic. Health systems are underfunded and understaffed and many people are living in unfavorable conditions. In response to that, we are starting a #BuiltWithBitcoin COVID-19 Fund for Africa that aims to directly help communities and showcase crypto as a positive force in times of crisis.”
Cryptocurrencies can help handle major roadblocks in fundraising and charity during the coronavirus crisis.
Youseff further adds:
“The peer-to-peer nature of cryptos passes boundaries of traditional finance, in some cases, it is faster and more convenient when transferring funds. In a pandemic, where time is not on our side and we are restricted to move, we need more reliable alternatives and resources to keep our finances flowing – may it be for money transfers or new revenue streams.”
Youseff also says that they remain open to expanding to other regions as long as they find “the right partners as we did in Africa.”