‘Cryptocurrency can reduce foreign exchange burden’

Opportunities presented by Cryptocurrency can help Nigeria deal with the weakness of Naira against dollar and other major currencies, Co-founder of Paxful, Artur Schaback has said.

Speaking at a virtual conference called BLOCKDeFi-2020, Schaback said the devaluation of Naira in recent times had affected business operations in Nigeria.

He noted that development could help people send dollars abroad using bitcoin in the face of restrictions in transactions.

Schaback said: “We are helping people to make all kinds of payments, especially international transfers, with ease. Our peer-to-peer marketplace offers various solutions to help with a weak currency.

According to him, with over 300 payment methods, anyone could take advantage of crypto payments, especially using gift cards or mobile top-ups helps to speed up international transfers.

Speaking on “The future of Defi in the Emerging World” and “How Paxful is leading the charge in Africa,” Schaback said the company aims at international payments more accessible and more affordable for Nigerians using modern DeFi technology.

“Our goal with DeFi is to show people how we can help them save money, and make it cheaper for them to borrow,” he said.

Taking a look at market trends and opportunities, he pointed out that, “Two years ago was the ICO boom, but now DeFi is the next big thing.”

Schaback highlights Paxful’s social impact in Africa as the company strives to improve lives for the unbanked and underbanked by offering access to reliable financial services.

The Global peer-to-peer bitcoin marketplace has already appointed a new Regional Manager Nena Nwachukwu to push expansion and, stating a commitment to educating Nigerians on the opportunities in bitcoin.