Paxful, a peer-to-peer Bitcoin marketplace, is set to open a blockchain incubator hub in Nigeria. The hub will be in Lagos and will open its doors later in 2018.
The blockchain technology company has said that the Lagos hub will provide a co-working space and some services including mentorship, corporate and individual blockchain training, and networking for 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 Paxful CEO Ray Youssef.
Added to this announcement, Paxful has also shown their vision to explore the region as a market for their services as they appointed Chuta Chimezie as Regional Director of Afrika, to be based out of Nigeria. Chimezie's role will revolve around conducting business operations, facilitating local and international brand awareness, creating educational content on behalf of Paxful, recruiting and overseeing the incubator's day-to-day operations.
"It is a privilege to work with an organization that believes in investing in countries with great potential such as Nigeria. 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," said said Chimezie.
The two announcements are not Paxful's first forays into the continent. Towards the end of 2017, Paxful launched a charitable program called #BuiltwithBitcoin whose aim was to encourage those in the cryptocurrency industry to contribute funds for humanitarian projects with the first project being in Rwanda.
Paxful will sponsor several blockchain and crypto-focused events in Nigeria, and it also mentioned that it plans to sponsor and speak at others in Ghana, Cameroon and Kenya.
"We are where we are now because people gave back and it helped us tremendously. Nick Spanos funded the Bitcoin Center in New York right next to the NYSE, and it connected so many of us and gave us a home. We want to do the same for Africa and the emerging world. The real wave of bitcoin entrepreneurs and revolutionary blockchain projects has yet to emerge. Paxful will do everything we can to empower the Africa Cheetah generation," concluded Artur Schaback, co-founder and CTO at Paxful.