Cryptocurrency can transform African economy – Youssef
As a global digital marketplace that connects buyers and sellers of bitcoin, Paxful has, in its relatively short period of existence, already carved for itself an enviable niche. Operating as a type of escrow service, they keep both parties safe and ensure the integrity of their transactions using blockchain technology. Founded in 2015, the company has offices in New York, Estonia, Hong Kong, and the Philippines —staffed by more than 160 dedicated employees globally.
According to the co-founder and Chief Executive Officer of Paxful, Ray Youssef, cryptocurrency trading has the capacity of transforming African economies.
According to him, African markets are in need of the financial fluidity that cryptocurrencies have to offer.
He advised African economies managers to adopt peer-to-peer finance system for inclusion.
He said, “One of the most positive features of Paxful’s operations in the African marketplace is the ability of cryptocurrency to operate outside the existing structure of financial institutions—a situation which makes this medium extremely valuable to the unbanked, i.e. people who don’t have a bank account for depositing or sending money.
“Cryptocurrency is far less volatile compared to the fiat currency of some countries that experience high inflation on a periodic basis, driving market uncertainty, which is inimical to progress.
“African markets, by their very nature, are in great need of the financial fluidity that cryptocurrencies have to offer. It has the possibility to transform Africa economy.
“As has been the case with other disruptive financial technological innovations, Africa is currently leading the peer-to-peer financial revolution thanks to widespread enthusiasm, especially among the young and upwardly mobile who are tired of being frustrated by a system in which financial institutions are not easily accessible.”
He said the peer-to-peer financial revolution has gained momentum in Nigeria than other countries.
He said, “Nowhere else in the world has this trend gained greater momentum than in Nigeria, which has emerged as the biggest market of any country in terms of the number of Paxful users—a growth which mirrors a general trend across the continent.
“We are observing a new generation of young African graduates and professionals making use of peer-to-peer finance as a way to better engage the global financial system.”