Blockchain incubator to launch in Lagos

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Global peer-to-peer bitcoin technology firm Paxful is to launch a blockchain technology incubation hub in Lagos, Nigeria, later this year, providing a co-working space and services including mentorship, corporate and individual blockchain training, and networking for ICO advisors.

Paxful is a bitcoin marketplace and digital wallet that enables buyers to purchase bitcoin directly from sellers via more than 300 different payment methods, including gift cards, cash deposits, online wallets or debit and credit cards.

The company said the launch of a blockchain incubator in Nigeria was part of its greater plan for investment in Africa. Paxful has also appointed Chuta Chimezie as regional director of Africa. He will be responsible for conducting business operations, facilitating local and international brand awareness, creating educational content on behalf of Paxful, recruiting, and overseeing the incubator’s day-to-day operations.

“Paxful is committed to fostering economic growth in Africa and helping the unbanked and underbanked gain access to the opportunities they have been denied for so long,” said the company’s chief executive officer (CEO) Ray Youssef. “The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.”

Paxful will sponsor several blockchain and crypto-focused events in Nigeria, and plans to sponsor and speak at others in Ghana, Cameroon and Kenya. The company launched its #BuiltwithBitcoin charitable programme last year to encourage the cryptocurrency sector to contribute funds for humanitarian projects.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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