Peer-to-peer cryptocurrency trading platform, Paxful, just recently announced a major expansion into Africa.
Because of that, it would be launching a blockchain incubator in Lagos, Nigeria to help streamline operations.
According to Bitsonline, the incubator is scheduled to launch in the fourth quarter of 2018 and Chuta Chimezie has reportedly been appointed to lead the hub and spearhead regional operations in Africa.
Part of the reasons the company chose Nigeria to build this incubator is its demographics. According to a press release, Nigeria commands the highest number of Paxful users in Africa.
So it says a lot that this incubator will likely come as the first of its kind in Nigeria — or even Africa perhaps — when it finally debuts.
Suggested Read: The definitive list of tech hubs in Nigeria.
Using the incubator to grow an army of platforms trading in crytocurrency will be appealing to Paxful. But that may simply raise eyebrows; especially with the whole regulations on cryptocurrency.
Perhaps, it plan to use the incubator in powering other blockchain technologies outside of crytocurrency.
Suggested Read: 5 areas the economy can benefit from blockchain technology.
Chimezie emphasises that the incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world, and that Paxful initiatives have provided help to those in great need here.
Whichever way this turn out, it will make for an interesting watch.
Techpoint is starting a newsletter in August. Subscribe now to get updates on African startups, innovation and tech straight to your inbox.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.
Lead Venture Analyst at Techpoint. Eager to tell startup stories that offer Nigerians the much needed creative solutions to relate-able problems. Get in touch.