Paxful Co-Founders Artur Schaback and Ray Youssef
The partnership offers more bitcoin payment options for users in developing regions as P2P trade surges in South Africa and Nigeria
Paxful, a leading peer-to-peer bitcoin marketplace that aims to bring financial inclusion and access to the underbanked and unbanked in developing countries, has joined forces with OKEx, one of the world’s largest and most diverse cryptocurrency spot and derivatives exchanges.
The strategic partnership will offer several payment methods for new and existing OKEx users to buy bitcoin with over 160 fiat currencies through Paxful’s Kiosk. Users will have access to in-demand payment methods such as bank transfer, gift cards, online wallets, and many more. Overall, the partnership will integrate over 100 million users allowing them the freedom to utilize Paxful’s existing infrastructure and payment options while enjoying the benefits of OKEx’s advanced technology and diversified product suite.
“To help grow the crypto community, industry businesses are increasingly collaborating to uplift each other in providing more options for their users. We admire OKEx’s work and know that our values and strategy are aligned. With this partnership, not only do we open new opportunities for customers on both platforms and increase functionality, but we jointly contribute towards strengthening the overall ecosystem and help make crypto more accessible as a real-world payment method by expanding to different geographic markets,” commented Ray Youssef, CEO, and co-founder of Paxful.
As a result of the new integration, Paxful and OKEx provide easier access to the global cryptocurrency market specifically in the regions of South Africa, and Nigeria, but also in Kenya, Vietnam, Russia, Indonesia, Thailand, UK, India, Argentina, Canada, Chile, Korea, Germany, France, Japan, Poland, Turkey, Ukraine, and Venezuela.
“We’re delighted to partner with Paxful and share very similar goals about onboarding more people to cryptocurrency. Through this partnership, we can reach more users in developing regions using Paxful’s existing infrastructure and payment options and give them exposure to the benefits of OKEx’s advanced technology and diversified product suite. This is a great step forward for us and the crypto space in general,” said Jay Hao, CEO of OKEx.
Removing borders and limitations
With an unbanked population of more than 60%, Africa is a major focus for both Paxful and OKEx. In addition, the continent is also spearheading cryptocurrency adoption around the globe with key drivers being high inflation rates, weak national currencies, inadequate financial infrastructures, and growing economic uncertainty stemming from the COVID-19 pandemic. All these conditions are combined with a growing population that is largely young and digital-oriented.
As bitcoin offers more convenient, and fast alternatives for financial transactions, use, and ownership of the cryptocurrency are significantly increasing amongst African consumers.
“Aside from being a decentralized, efficient, and a borderless payment method, one of the most striking features of bitcoin is that it’s considered to be an excellent means of preserving wealth in many countries, especially in uncertain times. It’s often compared to precious metals, specifically gold, in terms of storing value,” Youssef added.
A recent report identifies that bitcoin is of keen interest to many in Africa. Kenya topped the list with 94.7% of all cryptocurrency-related searches attributed to bitcoin, while Nigeria and South Africa had high percentages of 89.4% and 89%, respectively.
Nigeria and South Africa increasing trade volumes
Nigeria and South Africa are emerging as key hubs of the crypto economy on the continent. Nigeria’s use of bitcoin has surged exponentially with recent statistics showing that between May and June this year, the country recorded more than $35 million (R604 136 750) in peer-to-peer bitcoin trades, while rival South Africa saw a transactional value of $7 million (R120 827 350).
The surge in trade volume is attributed to various elements, including uncertainty in the ‘traditional’ economy, increasing education about the crypto-economy, and the emergence of various virtual currency marketplaces in Africa yielding more income-generating opportunities through bitcoin.
For South Africa, Africa’s most advanced economy: overall, the year-on-year increase in trading volume for bitcoin currently stands at 994%. The trading volume for bitcoin was approximately $14 483.48 (R250 000) for the week of June 22, 2019, compared to the trading volume of almost $434 504.27 (R7.5 million) recorded for the same period this year, equating to a year-on-year increase of more than 2800% trading volume for the week.
For more information or to access the Paxful Kiosk on OKEx, users can visit the OKEx website
Diaspora investments: A must for the development of Africa
Image Source: rupixen.com
It has been three years since his Excellency president Nana Akufo-Addo of Ghana shared some controversial thoughts on Africa’s dependence on aid or support from Europe in a decades long effort to develop the continent.
He was applauded for his bold statement and stance, but many (especially people from the Ghanaian diaspora) thought they were only words. Words they had heard many times before, but without plans or actions backing them. This might be true from their perspective, yet for the current generation of descendants from those who have been sold into slavery, it was good to hear an African leader show some backbone.
“We can no longer continue to make policy for ourselves, in our country, in our region, in our continent based on whatever support that the western world or France, or the European Union can give us. It will not work. It has not worked, and it will not work”.
The Diaspora Is Linked To The Strength of Africa
President Nana Akufo-Addo’s views on European aid are commendable, even if we debate how much he will be able to back up his words with actions.
“The place of the Diaspora, the status of the people in the diaspora, of the African diaspora, is intimately linked with what happens on the continent. An Africa strong and performing, transforms your position, your status here in Europe”.
He was addressing diaspora members in France, but he could have been addressing all people of African descent worldwide. The fact is that his ability to back his words, not exclusively but to an important extent, is contingent on the support he as an African leader receives from the African diaspora.
Remittance Coming From The African Diaspora
As a member from the African diaspora, one might ask: “Are we not supporting enough?”
Ishmeal Lamptey (Source: unsplash.com)
According to the World Bank Sub Saharan Africa received an estimated 48 billion US dollars in remittance funds from the African diaspora in 2019.
A study by Comstock, Iannone, Bhatia published in March 2009 (yes, the phenomenon has been studied for some time now) shows most funds are spend on costs of sustenance (29%), medical costs (16%) and education (12%).
When looking at the order of precedence these costs take in relation to each other, we see that unforeseen costs come first, second are medical costs and the last are for education. This underlines what we all know. The fact that there is often a sense of emergency to these transfers.
The Need To Move From Remittance To Investment In Africa
So, to answer the question of the diaspora, if it is not doing enough…well no. Harsh isn’t it? The fact of the matter is that the remittance funds are our own version of aid to the continent. It is keeping our people our family from dying but it’s not helping with any development.
We, the African diaspora, need to make the transition from remittance to investment. Remittance will always be part of the financial flows, but when seen in relation with Foreign Direct Investments (FDI) from the diaspora, they shouldn’t dominate as they do at present.
Following the content of a few independent journalists, there is now ample proof that at least some in the diaspora are not only willing, but able to move to the continent and start new businesses. But this group is a very small minority. The vast majority will not be able to follow suit and we should not want them to.
The revenues of the use of their human capital is needed to generate the investment flows Africa needs. The challenge Sub Saharan Africa faces is that of aggregation of available funds originating from the diaspora. The funds are clearly there, the industries which need them for we’ve identified, but now we need to create a robust infrastructure to aggregate and get them to their destination.
Like we pointed out in our previous article about thinking sufficiently big; while we keep our eyes on the end goal, we might need to start building one stone at a time. From individual projects, to industries, to the whole economy.
When doing so, we need to keep in mind that Africa is a unique environment. The common instruments of capital allocation used in the world should certainly be our starting point, but not limit our imagination when pooling the diaspora funds and channeling them into the continent.
As we have admonished a few times now; Africa should think BIG. And that also applies to its diaspora. In the coming articles we will continue exploring the idea of “thinking big” in the African context. So please make sure to subscribe to our Newsletter. We invite you to share your thoughts with us on the matter and get a discussion going with us and our other readers.
Article By: Jerrol Cambiel, Chief Executive EU Operations Debnoch Capital
North Ladder Secures $5 Million Series A Financing Round To Accelerate Global Expansion
North Ladder Team (Source: Siddharth Sudhakar)
North Ladder (previously called BuyBack Bazaar), a UAE based secured trading platform for pre-owned luxury assets and electronics, today announced a $5 million Series A funding round led by regional venture capital firm BECO Capital. The new investment will help the company scale up its technology platform, enhance customer experience and pursue further geographic expansion.
The homegrown start-up also revealed that it will begin operating under the new brand name North Ladder effective immediately, representing the company’s strategy of charting new markets and supporting individuals across the globe in their endeavour to elevate their financial situation. The disruptive and innovative technology platform is the first of its kind, providing access to verified buyers of second-hand goods and instant cash. North Ladder currently enables users to sell electronics such as phones, laptops, tablets, and smart watches, as well as luxury assets including watches and cars, with a unique option of buying it back within a few months.
The Series A financing builds on an exceptional year for North Ladder which saw rapid growth of its clients, network of buyers and corporate partnerships. To date, the platform has witnessed over 15,000 transactions in the UAE, with over 85 different nationalities served while earning an impressive 4.9/5 customer satisfaction rating. In 2021, the start-up is looking to establish its presence in the Kingdom of Saudi Arabia and the United States, with a focus on scaling the platform significantly in the next 18 to 24 months.
“North Ladder has demonstrated tremendous success with its unique model of helping customers access immediate funds against their assets. The provision of a seamless and trusted digital platform for the sale of pre-owned goods has immense socially transformative potential at a global scale. We are excited about partnering with them to take their services to the next level,” said Dany Farha, CEO & Managing Partner, BECO Capital.
The company recently appointed Sandeep Shetty, former Managing Director of the core ride hailing business at Careem, as Cofounder and Chief Executive Officer of North Ladder. Prior to Careem he also led the digital transformation program at Emirates NBD and has held leadership positions at McKinsey & Company and GE Capital across India, the United States and the Middle East. Sandeep joins the leadership team of co-founders Pishu Ganglani and Ricky Husaini who together bring years of prior global start-up, financial services, technology and operations experience.
“Our exciting partnership with the region’s leading investor BECO Capital gives us the opportunity to scale operations in the UAE and expand to other strategic markets, with the mission of meaningfully impacting people across all strata of society,” said Sandeep Shetty of North Ladder. “Our global auction brings professional buyers from around the world to compete and provide local customers with the best prices and no hidden surprises.”
Since its launch in 2018, North Ladder has been recognized as one of the “Top 5 innovative start-ups in the MENA region” by PayPal backed accelerator, Village Capital and awarded as an Innovator by Entrepreneur Middle East.
Legacy Premier Foundation Congratulates New World Trade Organisation (WTO) Head Dr Ngozi Okonjo-Iweala
Ngozi Okonjo-Iweala © AFP via Getty Images
The entire team at Legacy Premier Foundation hereby congratulates Dr Ngozi Okonjo Iweala as the new chief of the World Trade Organization (WTO).
With a proud heart and jubilation, we salute our quintessential woman of many feats on this global call to service.
This is a perfect example of a narrative that says “when opportunity meets preparedness success is inevitable”. Madam Director, you are an epitome of this simple quote. Over the years, you’ve carefully built a track record of competence with your records very visible in the public domain.
We are very pleased to send our warmest congratulations on your appointment as the seventh (7th) Director General of the foremost World Trade Organization, also making history as the first African and female to hold this prestigious position.
At this time where the world is battling with the Covid-19 pandemic, with a gradual return to normalcy, there are still some undulating terrains in the global trade landscape. We believe with you at the helm of affairs coupled with 25 years of diplomatic dealings and demonstrated leadership as a World Bank executive, you will saddle the affairs of the WTO and the entire global trade economy through these sensitive times.
We wish you much success in your new post and we look forward to the pleasure of working with you, in the place of making our African continent prominent in the scheme of world trades, and much more rejuvenation of hope that an African has all it takes to get to the zenith of his or her career without any equivocation.
We wish you a resounding success with legendary actions for global impact.
Signed: Dr Remi Duyile, Former VP, Bank of America and Founder, Legacy Premier Foundation