Peer-to-peer (P2P) cryptocurrency marketplace Paxful announced on May 4 the expansion of its #BuiltWithBitcoin charitable initiative in Africa with the launch of the "Africa Fund."

The fund will use Bitcoin (BTC) donations to purchase essential resource for the fight against the coronavirus pandemic.

According to the announcement, COVID-19 cases are increasing in Africa "at exponential rates." Fundraising aims to acquire Personal Protective Equipment (PPE), food packs, and provide high-risk individuals with groceries and handwashing stations.

Paxful will start the fund with $xv,000 and friction match whatsoever additional donations submitted up to $fifteen,000 in BTC.

Speaking to Cointelegraph, Paxful CEO Ray Youseff said:

"We know that the past month has been challenging for everyone. And in Africa, where many Paxful users are from, was likewise hit past this pandemic. Health systems are underfunded and understaffed and many people are living in unfavorable conditions. In response to that, nosotros are starting a #BuiltWithBitcoin COVID-xix Fund for Africa that aims to directly assist communities and showcase crypto as a positive strength in times of crunch."

Crypto'due south role in coronavirus-related fundraising campaigns

Cryptocurrencies can hurdle major roadblocks in fundraising and clemency during the coronavirus crunch. According to Youseff:

"The peer-to-peer nature of cryptos passes boundaries of traditional finance, in some cases, it is faster and more convenient when transferring funds. In a pandemic, where fourth dimension is not on our side and we are restricted to movement, we need more than reliable alternatives and resources to keep our finances flowing - may it be for money transfers or new revenue streams."

Humanitarian organizations volition LAO support the entrada, such as Zam Zam Water, which provides access to clean water supplies and develops schools in villages around the world.

Looking ahead, Youseff told Cointelegraph that they remain open to expanding to other regions as long every bit they find "the correct partners as we did in Africa."

The COVID-xix crisis has mobilized the crypto customs around the world to join in charitable initiatives.

Cointelegraph reported on Apr 8 that a cryptocurrency fundraising initiative for the Italian Red Cross had tripled its initial campaign goal of roughly $ 10,000 in less than 4 weeks, allowing them to build COVID-nineteen medical posts in the land.