The peer-to-peer cryptocurrency market Paxful announced on September 17 that it had opened a cornerstone of a new school in Nigeria. This is the fourth of 100 schools planned under the #BuiltWithBitcoin initiative to deliver quality education in developing countries.
The school, located in the Nando Sanya Lokal community in Ankara, will serve nearly 100-120 children between the ages of three and six and will serve as an adult education center in the evening.
The city has a population of 4,000 people and there is currently only one school, which provides primary and secondary education. CEO and co-founder Ray Yusuf explained:
We chose this area due to lack of necessary resources and limited school infrastructure. They desperately need high-quality learning spaces, and this school honestly reflects the impact Bitcoin can have on society as a whole, and in particular how it can improve education. “…
Like all schools built under this initiative, the new building will be equipped with the latest solar energy, a well and a filtration system.
This reduces energy costs and ensures that the school is not affected by routine power outages in the area. It also allows locals to sell filtered water to the community for a very reasonable price.
The #BuiltWithBitcoin initiative was launched in 2017 as part of a partnership with the humanitarian organization Zam Zam Water. The first two schools were built in Rwanda and completed in 2017 and 2018, respectively, while the third was built in Kenya in 2020.
Paxful covers all school administration costs, including teacher salaries, support staff, bills, school supplies, and uniforms.
It will also cover personal protective equipment for teachers and students. As Cointelegraph reported earlier this year, Paxful expanded its #BuiltWithBitcoin initiative to include fundraising for COVID-19 relief in Africa.
Buildwithbitcoin.org regularly accepts donations of $ 35,000 from Paxful itself.