Paxful, a global crypto marketplace has secured a partnership with an African fintech startup, Uhuru Wallet.
Uhuru digital Wallet came to the fore to transition Africans into the Cryptocurrency domain.
Established in 2015 by Ray Youssef and Artur Schaback, Paxful provides over 300 different payment methods, and the platform is considered one of the world’s leading peer-to-peer bitcoin marketplace.
Going forward, Uhuru Wallet will be included as a payment method on Paxful, bringing about easy access to the Crypto marketplace for users within the Southern African region.
With the introduction of Uhuru Wallet’s payment method, users on Paxful will find it easy to buy and sell bitcoin and Tether (USDT).
In addition, it enables users to pay for goods and services such as airtime, electricity vouchers, DSTV subscription, and the likes.
Since both platforms aim to facilitate financial inclusion in the global and African markets, the partnership offers just the chance to do so.
In an official press release, Ray Youssef, CEO, and co-founder of Paxful commented on the partnership with Uhuru and how it will offer more opportunities for African users to engage in cryptocurrency and have an alternative payment method despite financial systems setbacks.
He said “This is the perfect opportunity to partner with local talent and supports the growth of the Crypto community in South Africa.
By joining forces with Uhuru, we can unlock more options for our African users, many of whom are held back by restrictions of traditional financial systems, so we’re making Crypto more accessible as a real-world payment method.”
A borderless alternative transactions
The Zimbabwean startup, Uhuru Innovative Solutions established in 2017 launched the Uhuru Wallet in 2020.
This development was born out of a desire to create a peer-to-peer platform that allows individuals and businesses to make money transactions from anywhere, thereby promoting the concept of borderless currency.
Uhuru Wallet will be accessible via WhatsApp, thus serving as an avenue to gain a wider group of users.
The service is secured with end to end encryption, and transactions, either as a person-to-person or person-to-merchant, and will be easy to complete on the interactive platform.
It also allows users to cash in or out, pay for personal bills, goods, and services.
An emerging trend in transaction
According to a recent report on Cryptocurrency by Chainanalysis, a blockchain forensic and research group, Crypto transfers that occur monthly to and from Africa have increased by more than 55% in a single year, resulting in $316 million in transactions reached in June 2020.
It also revealed that the number of monthly transfers surpassed 600,000 transactions with Nigeria, South Africa, and Kenya reported as the countries with the most activity.
Talking about the challenges of transferring funds across the border that Africans face as well as the solutions proffered, Youssef said,
“Many Africans living abroad face difficulties when it comes to remittances or payments, as modern money transfer operators are often expensive and time-consuming.
We are now providing our users with a practical and cost-effective process offering them a global financial passport. For true financial inclusion to happen, a free market for money transfers is required.”
Recognised as a pioneer in the peer-to-peer Cryptocurrency field, Paxful celebrates its fifth year in operation. Countries contributing to its success include Nigeria, Ghana, Kenya, and SA.
The new partnership with Uhuru has created an alternative, borderless, and cost-effective system that offers personal and business-related transactions with remarkable ease.
Featured Image: corporatefinanceinstitute
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