Paxful recently announced its mission to onboard over 1 billion people into the bitcoin network. Paxful intends to bank the billions by first targeting the African Continent. Accordingly, Paxful has been encouraging mass adoption in Miami and globally.
Paxful to Onboard 1 Billion People
On Tuesday, Paxful announced its plan to onboard to help in bringing over 1 billion people onto the bitcoin network. Paxful is a peer-to-peer network creed to help investors quickly access crypto. In the Paxful narrative, the author noted that they have been working hard to onboard millions of people and are already hitting 10 million.
Paxful noted that misinformation and misconceptions are the main reasons for the slow bitcoin adoption. However, they said that proper education on crypto could quickly drive more adoption. Paxful encouraged key opinion leaders and businesses to be part of this growth trend. According to their report, Paxful’s primary goal is to ensure more consumers understand the use cases of bitcoin.
Paxful noted that people understanding the use cases and benefits of Bitcoin is what will foster mainstream adoption. Their release says, “This is how mainstream adoption will happen — it’s not about creating millionaires, but providing access to financial freedom to millions.”
Paxful Targets Africa
While talking about bitcoin adoption, the Paxful announcement majored on the African continent. The author notes that Africa is already leading in the global Bitcoin adoption. He mentioned that Kenya, Nigeria, South Africa, and Ghana are the African countries leading adoption.
According to the report, there are many reasons for Africa’s dominance in Bitcoin. Foremost, about 60% of Africans are unbanked. Issues like high transaction fees for international transfers and inflation have been a significant problem to banking the unbanked. The challenges set the ground for the adoption of Bitcoin.
Paxful notes that they have noticed increased bitcoin volumes in Nigeria, Ghana, and Kenya. While other countries are sending false narratives on crypto, Africans are exploring the actual use cases.
In their mission to help speed crypto adoption in Africa, Paxful met Rachael, a restaurant employee in Nigeria. They discussed with her about Bitcoin, and she wanted to learn more. According to the release, meeting Rachael led them to a broader community of interested people. Later, Paxful created the first crypto education center in Nigeria.
Rachael’s case clearly shows that bitcoin’s mainstream adoption will happen through proper education.
Paxful Fostering Bitcoin Adoption in Miami
Paxful also announced their partnership with Mayor Francis Suarez of Miami to encourage bitcoin adoption and financial literacy. They donated 500 tickets to students to attend the 2022 Bitcoin conference.