Web3 Firm Acquires Creator of South Africa’s First Listed PoW Crypto, Safcoin

A Web3 technology company, Virtual Nation Builders, recently said it acquired FHM, the firm that created safcoin, South Africa’s touted first proof-of-work cryptocurrency to list on a global exchange. As a result of the Web3 firm’s acquisition of FHM, the cryptocurrency will now “list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”

Supporting Clients’ Digital Needs

Virtual Nation Builders (VNB), a Web3 technology firm, recently revealed it had acquired FHM (Pty) Ltd., the South Africa-based creator of what is dubbed Africa’s first cryptocurrency — safcoin.

In a statement, VNB, which is 30% owned by the blockchain law firm Schindlers Attorneys, described the combination of the two businesses as an important step that will support their respective “clients’ digital needs in the Web3 revolution.”

As a result of FHM’s acquisition by VNB, the safcoin cryptocurrency, which was launched in 2018, “will list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”

Commenting on the plans to list on more exchanges, Neil Ferreira, the co-founder and CEO at FHM, said:

Together with VNB, we plan to extend our global reach with more international exchange partner listings. We had good support from the international crypto market with our first listing, and we are proud to be flying the SA [South African] flag into the global crypto sphere.

Described as South Africa’s first proof-of-work cryptocurrency to list on a global exchange platform, safcoin is reportedly traded on Hotbit and Chainex.

Blockchain Enabled Opportunities

Meanwhile, Maurice Crespi, a partner at Schindlers Attorneys and the CEO of VNB, is quoted in the statement touting the two’s companies’ involvement in the successful auction of the non-fungible token (NFT) of former South African president Nelson Mandela’s arrest warrant.

“The sale gave a glimpse of the possibilities offered by the digital realm through virtualisation. The opportunities that blockchain enables and its applications are no longer limited to finance. The use of blockchain—and specifically smart contracts—can be applied in various industries, including community upliftment and business efficiency,” Crespi explained.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Related Posts

Binance Has Launched ETHW Mining Pool: Here’s What You Should Know

Binance has announced a new mining pool for ETHW as part of its support for the network. Analysts view the creation of the mining pool as a strong…

Decentralized Data Storage Networks: Top 7 Alternatives To Consider In 2022

Blockchain technology is already changing how things work around the world, with applications such as smart contracts, decentralized finance (DeFi), and blockchain-powered social networks gaining traction by…

‘Trading Like a Lehman Moment’ — Credit Suisse, Deutsche Bank Suffer From Distressed Valuations as the Banks’ Credit Default Insurance Nears 2008 Levels

It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy….

These Crypto Executives Have Stepped Down Since the Market Crash in May

Change is in the air as the crypto space continues to see top executives step down from their roles amid the market crisis that stemmed from the…

Bitcoin Price Analysis: Sideways Action Continues, Breakout Could Lead Huge Move

Bitcoin has yet to make a decisive move in any direction as the primary cryptocurrency continues to wrestle with the $18K support level. A bearish breakout below…

Aequinox Token Sale Session Now Available on P2PB2B Exchange

On the P2PB2B exchange, the Aequinox token sale session has already begun. Until October 8, you can purchase the tokens and sign up for the project’s community….

Generated by Feedzy