The Paxful bitcoin marketplace wants to show that the community interested in cryptoassets also cares about the planet and not only crypto protocols. Thus, Paxful announced the beginning of the construction of a fourth school with their support. The unit in Nigeria is the fourth, but the idea is not stopping until it reaches 100 schools.
The goal is to “bring quality education centers to emerging countries”, the company said in a statement. The new unit will have a solar power system and a water well. In addition, due to Covid-19, teachers and students will receive protective equipment such as masks and hand sanitizing products.
Chosen location by Paxful has 4,000 inhabitants and only one school
The unit is in Sanga Local, where the population is 4,000 people and there is only one school. When it opens, it will receive 100 to 120 children aged between 3 and 6 years. And at night, it will serve as a space for adult education.
“We chose this particular community because of the lack of resources needed and limited school infrastructure”, explained Ray Youssef, CEO and co-founder of Paxful. For him, the school represents the “impact that bitcoin can have on societies as a whole and, in particular, how it can improve education”.
The project, dubbed #BuiltwithBitcoin, began in 2017 in partnership with the humanitarian organization Zam Zam Water, according to the announcement. The first two units of the project are in Rwanda and were completed in 2017 and 2018. In 2020, Paxful’s initiative completed the construction of the third school, this time in Kenya.
Costs covered by the company
All costs to keep the school active — such as uniforms, water bill, and teacher salaries, for example — are paid by Paxful.
The company explains that all schools are equipped with solar panels. Thus, it hopes not only to reduce energy costs, but also to circumvent the usual power outages. In addition, a water filter system allows the local population to fill up and also sell the water at an affordable price.
The New York company is a peer-to-peer marketplace (i.e. between people, not between companies and people) of bitcoin. Its goal is to facilitate the trading of the leading cryptocurrency among users of the platform.