By Andrei Skvarsky.
Bitcoin trading is one way to narrow down the big gulf between the rich and poor in Kenya, according to Paxful, a US-based cryptocurrency exchange startup that is working to include the East African country in its geography.
Citibank said in a 2016 report that Kenyans were currently holding amounts of bitcoin that in total were equal to 2.3 per cent of the country’s gross domestic product, although the bank warned, according to Nairobi’s Business Daily, that this meant the Kenyan economy would be in trouble if the cryptocurrency collapsed.
Bitcoin trade may be a source of “a second income” for Kenyans and develop into businesses that can create jobs, Paxful, which has offices in New York City, Hong Kong, Estonian capital Tallinn, and Manila in addition to its headquarters in Delaware, said in a statement.
In offering Kenyan traders its own platform, which is a peer-to-peer marketplace, Paxful said the company provides more than 300 payment methods.
Paxful also offers a free online wallet that is protected by several security measures, including two-factor authentication and an anti-scam vetting system, according to the statement.
The company has a total of 100 employees, and its website announces about two dozen vacancies, most of them in Tallinn.
Mauritius-based AfrAsia Bank, in a report this autumn, ranked Kenya as Africa’s fifth wealthiest country.
However, the distribution of this wealth is marked by a wide gap between two parts of society.
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