Paxful Will Fund Qala Fellowship to Help Nigerian Crypto Developers

Divya  |  Sep 16, 2021

Global fintech platform Paxful said on Tuesday that it will support Qala fellowship through a donation to the Human Rights Foundation. The Qala Fellowship is an intensive program that helps Nigerian crypto developers start their careers with Bitcoin-focused companies.

Paxful Announces Support for Nigerian Crypto Developers via Qala Fellowship

Paxful has announced support for crypto developers in Nigeria through a new funding initiative. The company will be donating to the Qala Fellowship alongside the Built With Bitcoin Foundation, an organization dedicated to providing basic utilities and humanitarian support powered by cryptocurrencies.

Qala Fellowship -- which is currently accepting applications -- helps African developers get into Bitcoin, build companies around the flagship crypto, or get jobs that are focused on the crypto industry. 

“The Qala Fellowship is a career roadmap for Nigerian developers. But it also is a way to support the local economy and a means for Bitcoin to capture more developer mindshare. We’re proud to fund this project and cannot wait to see what these developers create,” Paxful co-founder and CEO Ray Youssef said in the press statement.

With Paxful’s support, Qala Fellowship will accept 10 developers into its inaugural Bootcamp. The six-month program will be focused on developing applications on top of Bitcoin and making a successful career in the crypto sphere. Developers enrolled in the program will receive a monthly stipend to help them focus on the coursework. 

“Growing up in Nigeria, I have a fierce sense of pride for local developers looking to make a difference. I’ve also seen what Bitcoin is capable of doing – with far-reaching implications beyond speculation,” Qala Fellowship’s Program Lead and CEO of Bitcoin trading app Bitnob Bernard Parah noted.

Bitcoin Trade Remains Active in Nigeria Despite Government Ban

Almost seven months after Nigerian banking institutions barred crypto-related transactions, peer-to-peer trading is still flourishing in the country. This is evidenced by the growth of platforms that match crypto buyers with sellers. Two leading platforms in this domain -- LocalBitcoins and Paxful -- have seen their Bitcoin trade rise from $32 million in January and February to $44 million in August.

During an interview with Quartz, Youssef credited Nigerian youth for this growth.  Notably, some 46% of Paxful’s users fall between the ages of 25 and 40, while 41% are between 18 to 25 years old.

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