Crypto Startup Safcoin to be listed after Exchange Offering

Africa’s crypto, wallet, and exchange platform Safcoin will undergo an Initial Exchange Offering (IEO) this month, followed by an international listing in June. SAFCOIN is now available in South Africa, Botswana, Uganda, and Nigeria, for Fiat deposits, transactions, and withdrawals.

The startup announced the offering on 13 May. the IEO comes less than three years after the cryptocurrency was founded by South African entrepreneurial trio Michela, Tony, and Neil Ferreira. The Safcoin IEO will take place on 26 May and it will then list on 3 June.

Safcoin

Launched in South Africa in 2018 after a successful Initial Coin Offering (ICO), SAFCOIN is built on its own decentralised blockchain, which is protected by a network of miners. The SAFCOIN Exchange supports trading in SAFCOIN, Bitcoin, and money trading pairs.

It is also one of the first cryptocurrencies in the world to offer mobile money deposits, as well as card and bank deposits and it aims to promote social and economic growth across the continent, by becoming the chosen source of trading currency across Africa, through e-commerce payments and remittances.

SAFCOIN supports a wide range of payment methods, facilitated through SAFPay, a bespoke cryptocurrency payment gateway that charges zero transaction fees for SAFCOIN payments and a low 2% for Bitcoin payments. This makes SAFPay more affordable than other payment gateways.

In 2018, it ran an Initial Coin Offering (ICO) that raised R4-million from over 6 000 participants. The startup sold 20 000 tokens. Prior to launch, it mined five million tokens to be used as part of a customer loyalty or reward programme. The startup plans to mine five million more and it generates revenue by charging a 2% transaction fee.

The  crypto startup operates a mobile wallet wherein users can access the exchange and make payments. In March, it launched a blockchain platform called MobiJobs.Africa. The platform serves as a marketplace for gig workers and businesses in Africa to connect.

Cryptocurrency exchange platform P2PB2B will host the offering. Established in 2018, P2PB2B has over 200 cryptocurrencies and boasts a $438-million 24-hour volume trade.