The peer-to-peer (P2P) crypto market, Paxful, announced on May 4 the expansion of its charity initiative #BuiltWithBitcoin in Africa with the launch of the “Africa Fund”.
The fund will use Bitcoin (BTC) donations to buy essential resources to fight the coronavirus pandemic.
According to the announcement, cases of COVID-19 are increasing in Africa “at exponential rates. The fund’s goal is to purchase personal protective equipment (PPE), food packages, and provide food and hand-washing stations for those at high risk.
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Paxful will start the fund with USD 15,000 and match any additional donations submitted up to USD 15,000 in BTC.
Speaking to Cointelegraph, Paxful CEO Ray Youseff said
“We know that the past month has been a challenge for all of us. And Africa, where many Paxful users are from, was also affected by this pandemic. Health systems are underfunded and understaffed and many people are living in unfavourable conditions. In response to that, we are starting a COVID-19 #BuiltWithBitcoin Fund for Africa that aims to directly help communities and showcase cryptomonics as a positive force in times of crisis.
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The role of cryptomonies in coronavirus-related fundraising campaigns
Cryptomonies can overcome the main obstacles in fundraising and charity during the coronavirus crisis. According to Youseff:
“The peer-to-peer nature of cryptomonies exceeds the limits of traditional finance, in some cases, it is faster and more convenient in transferring funds. In a pandemic, where time is not on our side and we are limited to moving around, we need more read more here, payment provider veem, allegations of securities law violations, delayed the decision, sold during initial coin offerings, unveiled its plan, reportedly used bitcoin, list the cryptocurrency 0x, cme cf brr, distributed ledger technologies reliable alternatives and resources to keep our finances flowing, whether for money transfers or new sources of income.
Humanitarian organizations will support LAO’s campaign, such as Zam Zam Water, which provides access to clean water supplies and develops schools in villages around the world.
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Looking ahead, Youseff told Cointelegraph that they are open to expanding to other regions as long as they find “the right partners like they did in Africa.
The COVID-19 crisis has mobilized the crypto-currency community around the world to join charity initiatives.
Cointelegraph reported on April 8 that a crypto coin fundraising initiative for the Italian Red Cross had tripled its initial campaign goal of approximately USD 10,000 in less than four weeks, allowing them to build COVID-19 medical stations in the country.