Peer-to-peer (P2P) cryptocurrency platform Paxful announced on May 4 the expansion of its charity initiative in African countries with the launch of the Africa Fund. The platform would seek donations in bitcoins to purchase essential resources to fight against the coronavirus pandemic in the continent of Africa. According to the announcement, COVID-19 cases are increasing in the continent at an exponential rate.
Fundraising aims to acquire PPE, Food packs, and other essential resources.
Paxful fundraising aims to acquire Personal Protective Equipment (PPE), food packs, and provide high-risk individuals with groceries and other essential resources to help fight the coronavirus pandemic. Paxful will start the fund with $15,000 and match any additional donations submitted up to $15,000 in the leading cryptocurrency. In an interview with the Cointelegraph, the CEO of Paxful said that the past month has been challenging for everyone. And in Africa, where many Paxful users reside, was also hit by this pandemic. Health systems are unadequately funded and understaffed, and many people are living in unfavorable conditions, he added. Therefore, Paxful decided to launch the BTC fundraising to help communities and showcase crypto as a positive force in times of crisis.
Crypto companies step up in the time of crisis.
In the last few months, crypto giants such as Binance, BitMEX, and many others have stepped forward and donated to help fight the coronavirus pandemic. Earlier HDR Global Trading Limited, the operator of crypto exchange BitMEX donated 2.5 million dollars to four organizations that are helping to fight the COVID 19 pandemic. The four companies that will receive the donations are Gates Philanthropy Partners, Nuclear Threat Initiative, OpenMined, and Our World in Data. Each of these organizations would receive funds between $300,000 and $1,000,000 form the BitMEX operator.
Earlier crypto exchange Binance also pledged at least $2.4 million in crypto to buy coronavirus medical supplies and plans to further donate up to $2 million more through its Binance Charity Foundation. Justin Sun’s TRON foundation and several other exchanges also came forward and donated to help fight the pandemic.