Paxful, bitcoin marketplace and digital wallet developer, has announced that it will build a blockchain technology incubation hub in Lagos, Nigeria, its first investment in Africa.
According to Paxful, the hub will be launched in fall 2018 and provide a co-working space and services including mentorship, corporate and individual blockchain training, and network for ICO (Initial Coin Offering) advisors.
The bitcoin operator said it has appointed Nigeria’s Chuta Chimezie as Regional Director of Africa for conducting business operations, facilitating local and international brand awareness, creating educational content on behalf of the firm, as well as recruiting and overseeing the incubator’s day-to-day operations.
Ray Youssef, Paxful CEO said: “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.”
“Nigeria is the most populous country in Africa, with 190 million people. It also has the highest number of Paxful users on the continent. The country is renowned for its highly educated citizenry and startup culture, especially in fintech and e-commerce.
“It is a privilege to work with an organisation that believes in investing in countries with great potential such as Nigeria,” said Chuta Chimezie, Paxful, Africa director.
“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.”
Though not officially accepted in Nigeria, Bitcoin (BTC), the popular cryptocurrency traded $7,270 on Bitfinex, down 6.5% on Thursday, May 24, 2018, having dropped 16% over the last three days.
The cryptocurrency closed $7,494 on Wednesday – its lowest daily close since April 12 – and looked oversold as per the relative strength index (RSI) in the hourly and 4-hour chart, according to Coindesk.
