What’s Going On?
Paxful is to build a blockchain technology incubation hub in Nigeria as part of the company’s growing investment in Africa.
What Does It Mean?
Delaware-based peer-to-peer marketplace Paxful’s new hub in Nigeria is due to launch in autumn 2018 with shared working space for companies and individuals, as well as services including mentorship, corporate and individual blockchain training and networking for ICO professionals.
Nigeria is the most populous country in Africa, with 190 million people, notes the company – and it also has the highest number of Paxful users on the continent.
A Huge Market – So Lagos Gets Everything?
No, this is part of a broader industry interest in Africa – last week we reported Kenya is rebranding itself as Silicon Savannah and leading the way in an East African push for new business; and Ethiopia has partnered with China-based blockchain company Input Output Hong Kong to develop applications to track shipments of coffee and other agricultural products.
Paxful says it will sponsor blockchain and crypto-focused events in Nigeria, and plans to sponsor and speak at others in Ghana, Cameroon and Kenya, reported Disrupt Africa, who also noted the company launched its #BuiltwithBitcoin charitable programme last year to encourage the cryptocurrency sector to contribute funds for humanitarian projects.
“The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world,” said Paxful CEO Ray Youssef in a company statement.