On May 4, Paxful, the P2P crypto trading platform announced the launch of the “Africa Fund” to combat the Coronavirus in Africa. The aim is to use accepted Bitcoin donations to buy resources and then distribute them to African people in this critical time amid COVID-19.
Charitable Initiative: #BuiltWithBitcoin
Paxful participated in many philanthropic tasks since 2017 via its charitable initiative #BuiltWithBitcoin. This philanthropic program was launched with the aim to help helpless people by building water wells, schools, and community gardens. The recently launched African Fund is an expansion to #BuiltWithBitcoin with the goal to buy food packs, Personal Protective Equipment (PPE), sanitation products, and even grocery stuff to needy people by utilizing the Bitcoin donations.
Ray Youssef, the co-founder, and CEO of Paxful said:
“As a bootstrapped company, with founders who have a passion for giving instead of material things, we cultivated #BuiltWithBitcoin around creating positive social change. Paxful was the first to really look at Africa and see the opportunity to make a difference through bitcoin. The Africa Fund is just the latest in what will be an ongoing effort to provide relief and serve these resilient communities we grew within their time of need.”
As the cases of COVID-19 are growing at a dangerous level, Paxful’s initiative will make certain arrangements in coping with Coronavirus, including rapid supplies of medical equipment, food, and water. The P2P platform will push the fund with $15,000 and “matching any additional donations submitted up to $15K USD” on the part of the Bitcoin community members. According to the plan, it will offer 8,400 meals in South Africa and will donate 6,100 masks in the Kibera slums of Kenya via GROW Educare Centres and SHOFCO respectively.
Also read:Kennedy Odede, the founder and CEO of SHOFCO, said:
“SHOFCO is on the front lines of COVID-19 response in Kenya’s urban slums, working around the clock to address basic needs like access to clean water, good hygiene and sanitation, economic support and emergency food relief. With support from Paxful we are able to deliver essential services and protections that will help save lives among Kenya’s most vulnerable urban slum communities.”
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