For those keeping a watchful eye on the state of cryptocurrency markets in recent years, it might not seem like a long time ago when bitcoin was caught in the middle of some new drug or money laundering controversy every other day.
Making a Dark Past Brighter
After all, it was only in 2013 when the Silk Road drama unfolded, exposing bitcoin’s clandestine role in peddling drugs online. But that might all soon change with Paxful promising education and irrigation facilities through their philanthropic program, funded entirely through bitcoin.
While it is largely true that the digital currency market’s reputation has preceded itself ever since bitcoin’s release in 2009, it would be categorically false to assume that it has never been used to good ends.
Paxful is one of the most popular peer-to-peer bitcoin marketplaces in the world, rivaled only by its longtime competitor, LocalBitcoins. In contrast to established and regulated exchanges that usually only allow users to purchase bitcoins via a wire transfer, Paxful supports payments in anything from the Western Union to Amazon Gift Cards.
The company also offers buyers an escrow service, two-factor authentication, encryption and other security features.
Built With Bitcoin
Ray Youssef, CEO of Paxful, announced an ambitious plan of building more than 100 schools in Africa. This program follows the company’s success in creating wells and a nursery in the East African country, Rwanda.
Unsurprisingly, the company is referring to their campaign as “#builtwithbitcoin,” presumably as a marketing move. Regardless, the social media campaign is likely to draw more attention to both, bitcoin and the cause, both of which stand to benefit from the positive coverage.
Citing reports of people buying Lamborghinis and other expensive cars with their bitcoin profits, Youssef went on to say that while most people would willingly splurge on such luxuries, the company wishes to emphasize on the need to give back to society.
As a result of this decision, Paxful has collaborated with the NGO ZamZam Water to improve living conditions in Africa. The organization claims that all the proceeds received from donations are used to help further their cause.
A War Torn Country
Paxful’s Rwanda establishment currently comprises of several classrooms and restrooms that collectively benefit around 7,500 children aged between three to six years. In addition to the company’s push for education-related growth in the region, they have also built a 15,000-liter water tank and a rainwater harvesting system to aid the area’s agriculture industry.
Paxful’s next steps involve building an additional three wells and two schools. The company has stated that it is ready to fund this program alone but appreciates all donations received for the cause.
Rwanda is a country that is still struggling to pick itself up from adversities that it found itself in only a few decades ago. A significant portion of the nation is still recovering from the Rwandan Civil War, which came to an end following the infamous Rwandan genocide in 1994. An estimated million ill-fated citizens lost their lives during this horrible period.
As a result of these circumstances, the country still lacks necessary infrastructure and civil services, including electricity and education. Paxful’s efforts to improve the quality of life for people living in the region is both innovative and shows another dimension to the myriad facades of the bitcoin industry.