Paxful, a major peer-to-peer (P2P) Bitcoin (BTC) platform, is attempting to assist Salvadorans in making better use of the cryptocurrency, which became legal cash in the country last year.
Paxful announced the opening of “La Casa Del Bitcoin,” a new educational and training center in El Salvador that would provide free Bitcoin education.
Paxful will host educational workshops and seminars on BTC and financial inclusion in the country as part of the initiative. The center will focus on increasing local community understanding of the benefits of buying and selling BTC as a means of exchange in order to accelerate the next wave of Bitcoin broad adoption.
The center will also house the offices of the Built With Bitcoin Foundation, a nonprofit organization based in the United States that uses Bitcoin and cryptocurrencies to provide clean water, quality education, sustainable farming, and humanitarian aid. Ray Youssef, co-founder and CEO of Paxful, is the foundation’s executive director.
According to Will Hernandez, Paxful’s head of Latin American growth, the company’s Salvadoran users have increased by 300 percent. What we’re experiencing in El Salvador is a moment of transformation. Peer-to-peer platforms are driving adoption in emerging economies, and as a people-powered platform, we recognize the importance of education in the next wave of adoption, he said.
Despite El Salvador’s adoption of BTC as legal cash on Sept. 7, 2021, Paxful’s latest attempt to boost Bitcoin knowledge in the country is in response to some existing crypto-related mistrust among El Salvadorans.
As previously reported, in September 2021, up to 90% of El Salvadorans indicated their comprehension of the king crypto was inadequate or non-existent. According to a later poll, more than half of El Salvador’s population has never heard of Bitcoin.