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

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.

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Tags in this story Blockchain, crypto exchange, Cryptocurrency, nft, Non-fungible tokens, Proof of Work, safcoin, Smart Contracts, Virtual Nation Builders, Web3

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

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Ethiopian Central Bank Restricts Amount of Cash Travelers Can Hold, Sets Foreign Currency Conditions AFRICA | 6 days ago Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round AFRICA | Sep 11, 2022

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