Blockchain company FHM (Pty) Ltd has launched the Initial Coin Offering (ICO) for SAFCOIN, an exclusive African cryptocurrency that aims to make digital currency investment easy and understandable for everyone in Africa.
A total of 500,000 SAFCOIN tokens will be made available exclusively to South Africa during the ICO. This gives South Africans an opportunity to invest in SAFCOIN during the lucrative start-up phase, before the remaining 5 million crypto coins are listed on an exclusive exchange, as well as on African and global cryptocurrency exchanges, in October. At the same time, tokens purchased during the ICO will be migrated to coins.
Transactions will be facilitated by the i-Pay secure payment gateway, through SAFCOIN’s official blockchain website, www.safcoin.co.za. i-Pay allows investors to purchase tokens directly from their South African bank accounts.
“Blockchain cryptocurrency is a confusing and unfamiliar concept to many Africans, which is preventing widespread adoption,” says Neil Ferreira, director and co-founder at FHM. “With SAFCOIN, we hope to educate more people about the benefits of cryptocurrency and help them understand how and where to trade, so that they can be part of the global digital currency revolution and Africa’s cryptocurrency history.”
SAFCOIN referral programme
SAFCOIN ICO Token investors will be issued with a unique referral link that they can share with others. For each sale made using their link, they will earn 5% commission, which can be used to purchase additional tokens. For every 20 tokens sold using their link, investors will earn one token in commission.
All tokens will be stored in a blockchain wallet, which will be secured by public and private keys.
Tokens will be migrated to the SAFCOIN cryptocurrency when it opens for global trading.
More than just a cryptocurrency
The lack of cryptocurrency knowledge in Africa meant Africans lost out on opportunities to invest in start-up currencies like Bitcoin when the electronic money rush started in 2010.
By only opening up the ICO to South Africans, FHM hopes to raise awareness and education levels among ordinary South Africans.
Job opportunities will be created through trading centres and mining stations that will be set up across the continent, to enable miners to mine and trade in SAFCOIN.
One currency for Africa
“Our goal is to see SAFCOIN become a widely accepted form of payment across the entire African online trading community,” says Ferreira. “We want to boost African trade and simplify the cross- border payment processes between countries by eliminating red tape and bulky transaction processes.”
South African e-commerce revenue is expected to reach $3.131 million in 2018, growing at a compound annual growth rate of 13.7% to reach $5.239 million in 2022. By then, e-commerce user penetration is expected to hit 43.8%, from 34.8% in 2018.
More than 400 e-commerce businesses have indicated that they will accept SAFCOIN as payment, while FHM continues to engage with other retailers.
* For more information and to secure your SAFCOIN tokens, visit www.safcoin.co.za.
** FHM (Pty) Ltd is a registered member of the World Blockchain Association.