SEPTEMBER 17, 2020 â Paxful, a global peer-to-peer bitcoin marketplace, announced today that it has broken ground on the fourth in its 100-school initiative aimed at building quality education centres in emerging countries. The fourth school, located in Nigeria, will come fully equipped with a state-of-the-art solar-powered and water well system, and in response to safety requirements associated with COVID-19, Paxful will also provide Personal Protective Equipment for all teachers and students including facemasks and hand sanitizers.
According to Ray Youssef, CEO, and co-founder of Paxful, âThe #BuiltWithBitcoin initiative now supports over 400 students.â He highlights that through the 100-school plan, Paxful expects to bring education to nearly 15,000 young people throughout Africa while providing jobs to almost 300 teachers.
âThe fourth school, which will be located in the Ankara Nandu community, Sanga Local, Kaduna State, Nigeria will serve an estimated 100-120 children between the ages of three to six years old. The school will also double as an adult learning space in the evenings assisting in providing hundreds of people with a supplemental education,â says Youssef.
The city is home to 4,000 people and presently has only one school which serves as both primary and secondary schools.
All schools, including the newest location in Nigeria, come with water filtration systems, not just to supply the locals, but also gives them an opportunity to manage the facility for sustainability. They are also solar-powered to make the schools more maintainable by the locals. Youssef says that âPaxful covers all fees associated with running the schools, including teacher and support staff salaries, power and water supply, in addition to school supplies and uniforms for the students.â
On the choice of the location for the project in Nigeria, the CEO and Co-Founder says, “We chose this particular community because of the lack of necessary resources and limited school infrastructure. They are in dire need of quality learning spaces and this school is an honest representation of the impact bitcoin can have on societies as a whole, and more specifically, how it can enhance education.â
While calling on public-spirited individuals and corporates to join hands with them, Youssef, says, âDonations are accepted on rolling bases on builtwithbitcoin.org and will be used to aid the completion of the school among additional #BuiltwithBitcoin initiatives including Paxfulâs Africa Fund for COVID-19.â Paxful will kick off BTC donations with an initial injection of $35,000 of funds.
Paxfulâs #BuiltWithBitcoin initiative began in 2017 with partner Zam Zam Water, a humanitarian organization devoted to eradicating poverty by providing clean, sustainable water and access to quality education to rural dwellers across the globe. The first of the four schools was completed in December 2017 in Rwanda, by representatives of both partners, while the second, also in Rwanda was completed in 2018, while the third school was built in 2020 in Kenya.
Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. The company, founded in 2015, has over 4.5 million users globally who you can instantly buy and sell bitcoin withâusing over 300 different payment methods.
As part of their mission Paxful also launched #BuiltWithBitcoin, a social good initiative with the goal of building 100 schools funded entirely by bitcoin all across emerging markets. Paxful was co-founded in 2015 by Ray Youssef, Chief Executive Officer, and Artur Schaback, Chief Product Officer.