An NGO and a cryptocurrency platform are planning to construct a school in Rwanda using cryptocurrency funding.
The non-profit organization, Zam Zam Water, in a cooperative project with Peer-to-Peer finance platform provider Paxful is aiming to raise $100,000 for an education center. The project will be implemented in Rwanda’s Bugesera District, complete with full-time teaching staff.
The school building project in Rwanda is not the first of its kind in the region. It follows a similar project which saw the opening of a school for children aged three to six. The new school will be built to complement the first school by catering for children aged six to 15.
The raising of estimated building costs of up $100,000 has been started for the new project with a donation of $20,000 from Paxful. The remaining funds will be raised through online crowdfunding. Cryptocurrency donations via Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash will be matched by the crypto platform’s BuiltWithBitcoin initiative until the necessary funds have been raised. Ray Youseff, CEO at Paxful commented:
“The BuiltWithBitcoin initiative is a testament to the growing power of cryptocurrency…We firmly believe in its capacity to improve lives and make the world a better place.”
The second of the two schools will be larger, almost double the size of the first with six classrooms and six full-time teachers. The school will have its own cafeteria, potable well, and sustainable solar panel power system
Yusuf A. Nessary, Founder and President at Zam Zam Water sees education as fundamental in moving countries like Rwanda forward, suggesting:
“Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students”, adding, “This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”
Cryptocurrency is increasingly being used to fund humanitarian projects in developing countries around the world, particularly on the African continent. Global micro-leasing marketplace Powerhive announced a partnership this year to offer decentralized solar power to poorer nations.
AfricaPowerhive will be the beneficiary of funds generated from the sale of Sun Exchange’s SUNEX rewards tokens through public sale. The money will then be spent on developing solar-powered mini-grid projects in Sub-Saharan Africa. The project will allow for the solar panels used to be sold later to Sun Exchange members who will, in turn, own the cells used in the projects and subsequently profit from a sustained period of “solar-powered money”
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