Peer-to-peer (P2P) cryptocurrency marketplace Paxful announced on May 4 the expansion of its #BuiltWithBitcoin charitable initiative in Africa with the launch of the “Africa Fund.”
The fund will use Bitcoin (BTC) donations to purchase essential resources for the fight against the coronavirus pandemic.
According to the announcement, COVID-19 cases are increasing in Africa “at exponential rates.” Fundraising aims to acquire Personal Protective Equipment (PPE), food packs, and provide high-risk individuals with groceries and handwashing stations.
Paxful will start the fund with $15,000 and match any additional donations submitted up to $15,000 in BTC.
Speaking to Cointelegraph, Paxful CEO Ray Youseff said:
“We know that the past month has been challenging for everyone. And in Africa, where many Paxful users are from, was also hit by this pandemic. Health systems are underfunded and understaffed and many people are living in unfavorable conditions. In response to that, we are starting a #BuiltWithBitcoin COVID-19 Fund for Africa that aims to directly help communities and showcase crypto as a positive force in times of crisis.”
Crypto's role in coronavirus-related fundraising campaigns
Cryptocurrencies can hurdle major roadblocks in fundraising and charity during the coronavirus crisis. According to Youseff:
“The peer-to-peer nature of cryptos passes boundaries of traditional finance, in some cases, it is faster and more convenient when transferring funds. In a pandemic, where time is not on our side and we are restricted to move, we need more reliable alternatives and resources to keep our finances flowing - may it be for money transfers or new revenue streams.”
Humanitarian organizations will LAO support the campaign, such as Zam Zam Water, which provides access to clean water supplies and develops schools in villages around the world.
Looking ahead, Youseff told Cointelegraph that they remain open to expanding to other regions as long as they find “the right partners as we did in Africa.”
The COVID-19 crisis has mobilized the crypto community around the world to join in charitable initiatives.
Cointelegraph reported on April 8 that a cryptocurrency fundraising initiative for the Italian Red Cross had tripled its initial campaign goal of roughly $ 10,000 in less than four weeks, allowing them to build COVID-19 medical posts in the country.