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

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.”

Neil Ferreira (co-founder and CEO of FHM) commented on plans to list more exchanges.

VNB and we are collaborating to increase our global reach through more partner listing on international exchanges. With our first listing we received positive support from international crypto markets and are very proud to fly the SA [South African]Flag into the global cryptosphere

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.

Opportunity for Blockchain Technology

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. There are many applications that blockchain can enable and the opportunities it opens up for 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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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His work has covered both the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.