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 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.
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.
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.