Paxful Announces Expansion into Africa With New Starup Incubator
May 9, 2018 by Evan Faggart Peer-to-peer cryptocurrency trading application has announced a major expansion into Africa. Leading this expansion is the blockchain technology incubator in Lagos, Nigeria.Paxful has scheduled the incubator hub’s launch for fall 2018, and has appointed Chuta Chimezie to lead the hub as the company’s regional director of Africa.
The company said Chimezie is an experienced member of the blockchain community, having founded the advocacy group Blockchain Nigeria User Group. The new regional director has also written a reference text for African regulators titled, Seizing Opportunities in Blockchain and Digital Currency Revolution.
As the regional director of Africa, Chimezie will lead the charge in building the incubation hub, as well as raising brand awareness and creation educational content for Paxful.
Part of the reason the company chose Nigeria to build this incubator has to do with its demographics. According to a press release, Nigeria commands the highest number of Paxful users in Africa.
“Paxful’s initiatives have not only helped those in great need here,” Chimezie told press, “but are also helping African entrepreneurs achieve their full potential.”
Regarding the hub, Chimezie said: “the incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.”
Paxful: A Team Built on Success
Recently, Bitsonline interviewed the company’s co-founder, Artur Schaback. In addition to being a founding member of Paxful, Schaback boasts a record of successful bitcoin investing, claiming the cryptocurrency has made him a millionaire.
Using Schaback’s knowledge and experience in succeeding with bitcoin investment, the incubator will work to help other would-be investors get the information and experience they need to make education decisions regarding investing in bitcoin and starting blockchain-based companies.
In his interview with Bitsonline, Schaback said regarding the popularity of peer-to-peer bitcoin services:
“Peer-to-peer marketplaces provide a cryptocurrency escrow service that allows people to buy bitcoin directly from other people with any payment method imaginable.”
Regarding the Nigerian project, Schaback said he wants to help blockchain businesses become successful while the industry is still on the ground floor.
“The real wave of bitcoin entrepreneurs and revolutionary blockchain projects has yet to emerge,” Schaback said.
“Paxful will do everything we can to empower the Africa Cheetah generation.”
With that ethos in mind, Schaback’s company now marches into Africa, led by Chimezie, with the goal of fostering innovation and success in the blockchain space.
What kind of blockchain tech do you think we’ll see come from Nigeria? Share your thoughts in the comments.