Paxful opened its second school in Rwanda this week in partnership with Zam Zam Water, a humanitarian organization. The Delaware-based peer-to-peer Bitcoin marketplace gathered more than $100,000 in d
Paxful opened its second school in Rwanda this week in partnership with Zam Zam Water, a humanitarian organization. The Delaware-based peer-to-peer Bitcoin marketplace gathered more than $100,000 in donations across Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dash for the project.
The school advances Paxful's #BuiltwithBitcoin initiative, launched in 2017 with an ambitious target: construct 100 schools throughout Africa using cryptocurrency. The company built its first school and nursery during the 2017 bull run, when Bitcoin surged from $15,000 toward $20,000. That facility educates 110 children between the ages of three and six.
When the Paxful team revisited the site, villagers welcomed them with warmth. CEO and co-founder Ray Youseff described what he observed. "In my recent visit to the village, I saw the children of the nursery school counting, they were singing and dancing and playing with toys," he said. "I met an awesome teacher who was truly engaged with the students. It felt great to see that the nursery school we help build last year is being utilised – the children wearing their uniforms, lining up to go to class, it was an unforgettable moment."
Unlike the nursery, this school serves children aged six through fifteen. The facility includes six classrooms, six full-time teachers, a cafeteria, bathroom facilities, solar panels, and a water well system holding 35,000 liters.
Yusuf A. Nessary, founder and president of Zam Zam Water, explained the partnership's significance. "Having proper education centres is fundamental in moving countries like Rwanda forward, while also increasing their standard of living. Education is the crucial stepping stone in serving people in developing nations improving their quality of life," he said.
Paxful won't launch school number three yet. Instead, Youseff said the organization will focus on strengthening the two schools already built. That work includes installing additional solar capacity, arranging health services, supplying more uniforms and toys, and expanding the water infrastructure to support irrigation for gardens that provide food to the students.
The cryptocurrency bear market that dominated 2018 hasn't diminished the effort. While speculation about prices continues, Youseff said donors on the platform have turned to what he calls "#P2PFinance," moving past price concerns. "We are thankful for the people who donated to this cause," Youseff said. "Social good is the 7th true use case of crypto, and while many say they want to help Africa, there are few who deliver. This is just two out of the 100 we want to build. I believe a lot of people will be on board as long as we are helping."
Beyond the school project, Paxful has backed other charitable work. The platform provided scholarships to Afghan refugees earlier this year and supported food assistance programs in Venezuela through cryptocurrency transfers.
Youseff indicated the organization will continue expanding its charitable reach. "We want to continue doing different things, to reach parts of the world that needs help the most, and we're open to working with people who want to do the same," he said.
