Paxful creates side hustles for more African young women

In honour of Women’s Month this August, a global peer-to-peer bitcoin marketplace, Paxful, is shining a spotlight on women who have started successful side hustles powered by bitcoin.

Not only are the side jobs providing women with additional income, they are also giving individuals opportunity to develop new skills in the bitcoin and blockchain space.

Blockchain skills are in high demand internationally and may unlock new career opportunities or set the ground for running a successful business in the future.

Beyond speculative activities, bitcoin already drives a whole range of entrepreneurial ventures, including arbitrage, remittance, e-commerce and educational projects.

To encourage more women to consider pursuing opportunities in bitcoin and blockchain, Paxful rolled out a number of educational programs globally to educate more people about the crypto industry.

A report released by CoinMarketCap in April revealed that the number of women in the cryptocurrency industry increased by 43.24 per cent in the first quarter of 2020.

In addition, a study published in December 2019 by bitcoin fund operator, Grayscale, showed that 43 per cent of investors interested in bitcoin were women (13 per cent up against 2018), with the number actively growing.

“Our sector can still do better to attract more female blockchain professionals and entrepreneurs. At Paxful, nearly 40 per cent of our global workforce is female and we continuously keep our eyes out for more female collaborators, community builders and problem solvers,” says Paxful’s newly appointed Head of Middle East and Africa, Tugba Abadan.

Usage of the Paxful platform is soaring, and the company has also witnessed a steady increase in the number of women participating in its entrepreneurship program, the Paxful Peer Programme, she added.

The programme helps crypto enthusiasts become their own bosses, and women have been topping the list of best performers since it’s launch in November 2019.

Paxful’s Community Coordinator in Kenya, Yvonne Kagondu, says, “It’s not easy to be a young African at the moment. Unfortunately, many of us suffer the consequences of high levels of unemployment and poverty. It’s very important to be on the lookout for as many opportunities as possible and find one that suits you best. I found blockchain technology intriguing and decided to focus on bitcoin, which eventually led me to mentoring other young female professionals and fellow small business owners. I feel so fortunate to be able to help and inspire fellow Africans to take control of their finances through bitcoin.”

Paxful’s Peer Programme participant, Nkhensani Nyalungu, a Bachelor of Commerce student at the University of Johannesburg, also shared her experience with the programme.

“I had never considered setting up a tech-related business until I learnt more about the opportunities in the blockchain industry. Once I became familiar with the technology, it was quite easy to dive into the crypto world. I am extremely passionate about educating my peers about the crypto-economy, as I feel I’m carving the path towards economic freedom for our communities.”

Also, Victoria Chauke, a student at Johannesburg’s Wits University, who used to work as a part-time promoter before she started her bitcoin side hustle, shared her experience.

Her words, “Trading bitcoin was a better option for me as I could learn on the go; it’s much more flexible as I can make money while at home, in-between classes or while busy with other commitments.

“I believe we need a lot more women in the bitcoin community. From my experience, I think we can operate as effectively as men, if not better, in the blockchain ecosystem.”

According to a study, an estimated one in three working South Africans have a side job for extra income. The COVID-19 lockdown has put millions of people under challenging circumstances as they faced losses of jobs and income opportunities.

The pandemic pushed people to look for alternative income sources, so the interest in crypto and bitcoin entrepreneurship grew rapidly, which Paxful confirms as the number of platform users skyrocketed this year. As contactless payments are encouraged, people are opting for non-cash in-person trades using bitcoin.

Abadan added, “We’re very excited to see how the number of trades on Paxful from South African users have grown by more than 36 per cent in Q2 of this year. Blockchain technology has created a new frontier for the global economy, and I believe that the industry offers plenty of opportunities to achieve greater economic independence.”

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