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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.

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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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One thought on “Web3 Firm Acquires Creator of South Africa’s First Listed PoW Crypto, Safcoin

  1. Small time developer here.. truly believe in BTC. That said, please hear me out.. this Lightning's “inbound liquidity” business is, IMHO, fundamentally flawed! Have opened channels with various nodes, only for them to go offline for, seemingly, ever. Force closed, lost bunch of sats. Tried to use some paid services, but some ridiculous up front –local_amt and –push_amt. I am not a merchant wanting to set up lightning payment.. just a very enthusiastic developer experimenting with Lightning. I find 2million sats ( some $400 or so) min requirement unacceptable (albeit, some require less). What to do? I really am NOT a nay sayer but I think for Lightening to catch on, this should be addressed (hear me Pickhardt and other brilliant minds of Lightning world?). It is an stumbling block to put it mildly.

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