Paxful, a peer-to-peer Bitcoin trading platform, has announced the completion of construction of a second school in Rwanda, a school that was funded entirely through cryptocurrency donations through an initiative known as #BuiltwithBitcoin. The initiative, which is being done in partnership with ZamZam water in Rwanda, started in September this year and allowed people to contribute Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash to the effort.
Funding of the new facility and its completion was part of the Paxful's larger initiative to help construct 100 African schools and to donate money for wells and other projects including an already built water irrigation system in the country.
The second school is a primary school and is the first in the area. It supports learning for more than 300 children aged 6-15. It also comes after construction of the first school -- a nursery school -- built in December 2017 for 110 young students between the ages of 3-6.
The second school was built at the cost of $100,000 worth of Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash donations. It consists of 6 classrooms, cafeteria, bathroom stalls, solar panels, and 35,000L water well system and will have 6 full-time teachers.
The #BuiltwithBitcoin initiative started in 2017. The motive of the initiative itself is "to educate the entire world what peer-to-peer finance can potentially do and to help the needy all over the globe." CEO and co-founder of Paxful Ray Youseff said the initiative demonstrates the usefulness of cryptocurrency beyond being a speculative investment tool. He added that the initiative has provided scholarship to Afghan refugees, and plan to continue these philanthropic ventures.
First school construction
President and Founder of Zam Zam Water said proper education centers are fundamental for moving countries such as Rwanda forward and increasing their standard of living and quality of life in developing countries.
The second school will also focus on teaching true financial and technology literacy. Paxful will also be providing the school with tablets and smartphones. The devices will also be loaded with educational video to educate the children about Bitcoin and blockchain technologies.
Financial literacy will also include teaching children about crypto wallets -- which will be loaded on the devices -- as well as teaching children how to make Bitcoin transactions and how to sell it for local payment methods and use it in business.