Paxful to launch Nigerian incubation hub


Bitcoin marketplace Paxful plans to set up what it describes as the continent's first blockchain incubation hub in Lagos

Bitcoin marketplace and digital wallet Paxful has expressed interest in the African market and plans to set up what it describes as the continent's first blockchain incubation hub in Lagos.

According to a company statement, the new hub is in line with its growing investment in Africa and will be officially launched mid-2018.

The facility would provide a co-working space as well as services that include mentorship, corporate and individual blockchain training, and networking for Initial Coin Offering (ICO) advisors.

"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. The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world," said Ray Youssef, Paxful CEO.

The marketplace said it selected Nigeria for the blockchain technology incubation hub because, in addition to being the most populous country in Africa, it also has the highest number of Paxful users in Africa.

The company also highlighted Nigeria's startup culture especially in FinTech and e-commerce.

The company has also appointed Chuta Chimezie to serve as Paxful's Regional Director of Africa. Prior to joining Paxful, Chimezie, a blockchain and cryptocurrency advocate, founded the Blockchain Nigeria User Group, an initiative of advocates and entrepreneurs driving adoption in the country.

Paxful said from Nigeria, Chimezie will facilitate local and international brand awareness, create educational content on behalf of Paxful, recruit and oversee the incubator's day-to-day operations.

Chimezie said,"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."

Related articles

CFOs unpack ESG, tech and teamwork in CFO Day Survey

In what has become a tradition, South Africa’s top finance leaders completed the CFO Survey at this year’s annual CFO Day on 5 July. The results are unpacked in this CFO Magazine special feature.

Are fintechs the answer to cross-border payment pains?

During a CFO South Africa webinar, Verto experts Tim Rudman and Ola Oyetayo, as well as Hatch Africa CFO Craig Sumption, unpacked the challenges and possible solutions when it comes to cross-border payments.