Paxful, a Peer-to-Peer Bitcoin Marketplace to Commence School Construction in Nigeria
Paxful, a global peer-to-peer bitcoin marketplace, has announced that they will be building a fourth school in its Built with Bitcoin’s 100-school initiative which aims to bring quality education centers to emerging countries.
Located in Nigeria, the school will come fully equipped with a state-of-the-art solar-powered and water well system.
The new school will be built in the Ankara Nandu community of Sanga Local in Nigeria and will serve an estimated 100-120 children between the ages of three to six years old. Home to roughly 4,000 people, the city currently has only one school facility which is being used for both primary and secondary school purposes.
“We chose this particular community because of the limited resources and school infrastructure,” says Ray Youssef, CEO and co-founder of Paxful. “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.”
The new school will double as an adult learning space in the evenings assisting in providing hundreds of people with a supplemental education. In response to safety requirements associated with COVID-19, The company will also provide Personal Protective Equipment for all teachers and students including face-masks and hand sanitizers.
Earlier in September, the company revealed (https://bit.ly/35Vrj88) its business expansion into Nigeria, their leading market in Africa in terms of volume and number of users. To strengthen operations and cement a physical presence in the country, Paxful appointed Nena Nwachukwu as Regional Manager for Nigeria.
Movement to empower education in Africa
Supporting over 400 students at present, Paxful’s #BuiltwithBitcoin initiative began in 2017 with partner Zam Zam Water, a humanitarian organisation devoted to eradicating poverty by providing clean, sustainable water and access to quality education to villages across the globe. The first two schools were built in Rwanda and the third school was built in Mukalala Village in Machakos County in Kenya earlier this year.
Through the 100-school plan, the company expects to bring education to nearly 15,000 young people throughout Africa while providing jobs to nearly 300 teachers. All schools, including the newest location in Nigeria, come with water filtration systems, not just to supply the locals, but also to give them an opportunity to sell the water to their local community at a very affordable price.
All the schools are also equipped with solar panels to cut spends on electricity and bypass regular electricity cuts. Paxful covers all fees associated with running a school including teacher and support staff salaries, bills for electricity and water as well as school supplies and uniforms for the students.
Supporting ongoing development and tracking success
All the completed schools under the #BuiltwithBitcoin initiative are progressing and performing very well as the company remains committed in providing the necessary tools and opportunity for the students to succeed. Continuous upgrades are made, and maintenance of the schools are monitored.
The passing rates within these schools have been higher as the confidence of the students are boosted with each child receiving their own textbooks in addition to basic school stationery supplies. Usually students share handbooks and textbooks and leave them at the school for use by other students.
As the communities always have more students than what the schools’ capacity can cater for, the initiative adopted a two-tier class approach, by having all the schools provide classes in four-hour blocks in the mornings and in the afternoons. This helps to support the highest number of students possible and not allow the quality of education to be affected. Desk space has also been limited to two to three students per bench to facilitate a healthy teaching environment.
Understanding the important role, they play in the success of the schools and learning journeys of the students, teachers and educators at these schools are also paid 15% above the national average of their salary, respective to their country.
“Each one of our schools follows the curriculum of their respective ministry of education. All textbooks, guidelines, and calendars fulfill all necessary requirements for testing and progress. Local officials have been supportive of the initiative’s efforts as we simply want the students to be able to succeed and graduate onto higher education by ensuring their educational foundation is strong and capable,” adds Youssef.
Aside from building schools, #Builtwithbitcoin has also supported a number of other philanthropic causes in various countries including Kenya and South Africa.
Is Bitcoin Set to Have a 2017-style Mini Boom This Year?
Bitcoin to Surge Like in 2017 this Year
Bitcoin’s price is set to “surge before the end of 2020” with investors keen not to “sleepwalk” through a 2017-style mini-boom, says the CEO of one of the world’s largest independent financial advisory and fintech organizations.
The prediction from Nigel Green, the deVere Group CEO and founder, which has $12bn under advisement, comes as Bitcoin – already one of the best-performing assets this year – appears to be on the brink of a bullish breakout.
In recent days, Square, which is owned by the billionaire founders of Twitter, has allocated 1% of its cash reserves to the cryptocurrency, whilst a former Goldman Sachs hedge fund chief says the price of Bitcoin will jump to $1m in five years.
Mr Green comments: “There’s been something of an avalanche of interest in Bitcoin in recent weeks from household-name investors.
“Investor activity is picking up considerably with various on-chain metrics and ongoing – and heightening – global political, economic and social turbulence suggesting that there will be a price surge before the end of the year.
“Like gold, Bitcoin can be expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses.
“Investors will increase exposure to decentralised, non-sovereign, secure digital currencies, such as Bitcoin, to help shield them from the potential issues in traditional markets”.
He continues: “There’s a growing sense that we’re set to experience a mini-boom similar to that at the end of 2017.
“Prices are yet to catch-up with investor interest – but this is only a matter of time as investors will not want to sleepwalk towards perhaps year-high prices in the run-up to the end of 2020.”
The late 2017 bull run saw the Bitcoin price reach its all-time high of $20,089.
The deVere CEO concludes: “There’s been a notable ramping-up of interest in Bitcoin amongst investors since the end of summer. Indeed, it has been the best performing week for one of the year’s best-performing assets since July.
“I can see no reason why this upward trajectory will not continue between now and the end of the year.”
Global Spending on Blockchain Up by 50%, US Leads with $1.6 Billion
Blockchain Spending Rose by 50 Percent Globally
According to the research data analyzed and published by Stock Apps, global blockchain spending is set to hit $4.1 billion in 2020. From $2.7 billion in 2019, it is estimated to grow by nearly 50%. Over the five-year period between 2020 and 2024, it is expected to maintain a 46.4% CAGR.
The International Data Corporation (IDC) also states that the total spending on blockchain solutions will be nearly $18 billion by 2024.
Finance Sector Accounts for Nearly 30% of All Blockchain Spending
Another report from Markets and Markets indicates that the global blockchain market is estimated to be worth $3.0 billion in 2020. It is projected to grow at a 67.3% CAGR between 2020 and 2025, to reach a $39.7 billion valuation by the end of the period.
The total spending in the blockchain space amounted to $1.5 billion in 2018. At the time, the financial sector was most dominant, accounting for 60% of all spending. Though it still leads in 2020, its market share is now about half of that, at 29.7%.
Between 2020 and 2024, the IDC predicts that the blockchain industry will maintain a healthy pace of investment at 45.3% CAGR. Process and discrete manufacturing will together account for 22.3% of all blockchain spending in 2020. While process manufacturing will grow at a 50.3% CAGR, discrete manufacturing will grow at 46.5%.
With $1.6 billion, the US will top the list globally in terms of spending while Western Europe will be second with $1.0 billion. China will take the third spot with $457 million, but it will be the leading country in terms of growth, with a 51.7% CAGR.
China’s blockchain spending was $87 million in 2017. It could rise as high as $1.420 billion by 2022. Prior to the pandemic, it was growing at a 65.7% CAGR against APAC’s 50.3% and the global’s 60.2%.
Elon Musk Installs Bitcoin ATM at Tesla in Nevada
Bitcoin ATM Found in Elon Musk’s Tesla Gigafactory in Nevada
Will Reeves, the founder of Fold Inc, a company that builds payments stack for a new economy— one that puts privacy and bitcoin within the reach of every shopper, on Sunday said he saw a Bitcoin ATM at the Tesla Gigafactory in Nevada.
I “just passed by and saw @elonmusk has a bitcoin ATM at the Gigafactory,” Reeves said via his Twitter account.
Reeves accompanied the tweet with a Google maps image revealing the exact location of the ATM.
However, on Monday Elon Musk, Tesla founder and CEO, downplayed the whole bitcoin ATM, saying he did not believe the claim was accurate.
But a bitcoin ATM operator, LibertyX, in a direct message, confirmed that three bitcoin ATM machines were enabled in the factor to allow employees to access their funds and also transact bitcoin.
LibertyX said: “We have enabled 3 traditional ATMs inside so employees can use their debit cards and buy bitcoin.”
The company claimed it has installed over 5,000 crypto ATMs across the U.S. and has bitcoin buying service in 20,000 stores in the United States.
Why is this Important?
The news validates bitcoin’s growing acceptance by the mainstream and also attests to global firms like Tesla gradually considering it as a means of payment.
While bitcoin ATMs does not tell much about crypto adoption, the fact that the company claimed it has installed over 5,000 in the US alone and has bitcoin buying service in 20,000 stores in the world’s largest economy, showed bitcoin is gradually growing on people.
Also, the more people adopt the digital coin, the higher its value.
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