“Don’t Put All Eggs In One Basket”- SAFCOIN CEO

By October 18, 2018
Cryptocurrency. startup South Africa

Neil Ferreira: Founder & CEO – Safcoin

After launching an exclusive ICO for South Africa, CEO and Founder, Neil Ferreira talks about the benefits of investments in cryptocurrency. Being aware of the rising misconceptions around cryptocurrency, Neil wants buyers of SAFCOIN to steer away from making the most common mistakes. With the launch of this new ICO, the company intends to raise awareness and educate more buyers in South Africa about this alternate investment method. The ICO that closes on October 31st is looking at a subscription of 500,000 tokens. The company has kept a modest price of ZAR 70 for each token.

 

To help buyers understand the nuances of these investments, he talks with WeeTracker and explains how cryptocurrency can be a wise choice for investment and an alternative asset class.

 

What is the reason behind launching a customised cryptocurrency for South Africa? 

Neil: Our Goal is to be a widely accepted African cryptocurrency and throughout our journey, we aim to educate the underserved individuals of Africa who have not been exposed to or have little knowledge about crypto-currency and its advantages. In doing so we can provide an opportunity for everyone to become involved.

Cross-border payments are often a bulky exercise and very expensive in Africa. Crypto provides an easier solution for this. We can improve and grow e-commerce continent-wide and create unique use cases for the SAFCOIN crypto-currency, as unique as the complexities Africa faces, and assist those who do not yet know how to utilize these solutions.

When launching our own crypto-currency we can develop further systems around the crypto that would have not been achievable by utilizing other existing cryptos. By investing in a local crypto-currency we can build the economy, locally. Crypto startups have proven to create work opportunities and income generating solutions which is beneficial to one of the key problems Africa faces: job opportunities. 

 

What are the objectives of this ICO launch? 

Neil: To give South Africans a chance to take advantage of the pre-sales stage, exclusively. Therefore, they can partake in the offering from the very beginning of the crypto. Newcomers to the industry can gain insight into what an ICO is and how it works, thereby setting the ground for partaking in any future ICO’s – national or international and reap the benefits of successful ICO’s. 

The purpose of an ICO is for the founders to raise capital to aid in ensuring a successful startup and if the startup is a success, investors stand a chance to reap larger reward than usual. 

The SAFCOIN ICO closes on 31 October 2018. 

 

Who all can buy the tokens? 

Neil: The ICO is held for South Africans exclusively and the rest of Africa will be able to buy or sell SAFCOIN once the crypto is launched. 

Being South Africans ourselves, our goal was to give our fellow countrymen and -women a shot at being part of a startup crypto which may become Africa’s most widely utilized crypto-currency. 

The SAFCOIN crypto-currency can be bought by anyone, although its key use cases will be developed for use continent-wide. 

 

Who is the Team behind SAFCOIN? 

Neil: Safcoin was founded by local South African entrepreneurs with a passion for technology and making a difference in the lives of others. 

Our team also comprises highly skilled third-party developers who are experts in web, blockchain development, and security. 

Some of their accolades achieved are being ISO9001:2015 and CMMI level 3 certified, thus ensuring that the development work delivered is of the highest quality and comply to correct protocol and standards. They have global expertise in various development fields and are more than capable of assisting in the development of the SAFCOIN crypto, exchange, and wallet. 

Furthermore, SAFCOIN is on the lookout for talent so if there is anyone who believes they can contribute a unique skillset they can email their CV to [email protected] 

 

In your opinion, what are the common myths around ICO’s? 

Neil: Most ICO’s are a scam 

If an ICO project posts false team photos or lying, and the sole purpose of it is to raise money only to run away with it; it is definitely a scam. However, if an ICO is not successful it does not mean it was specifically a scam. 

It is important to realize the purpose of an ICO is to raise funds for the project the founders are developing, in turn offering a reward to the supporters (ICO investors). In the world of business, new businesses enter the market every day and a select few are able to make a success of it. 

An ICO is revolutionary in this way that it can help boost the success of the business venture by raising much-needed capital for startup endeavors in non-traditional ways. Now anyone can also be part of the startup initiative and reap rewards of a successful project without having to specifically throw in large amounts of money. 

If the ICO is not a sell out the venture will fail and vice versa. 

There have been instances of incredibly successful ICO’s but when it came to the development of the project investors have been let down. It is important to understand that ICO’s can be a risky business but if successful can offer larger than usual reward to the ICO investor. 

 

How can consumers protect themselves from getting cheated? 

There are thousands of white papers and ICO’s out there and each one unique. Some are extremely technical making it difficult to understand for many ICO newcomers. Even a whitepaper with the best technical information written in the highest language has in instances not made it. 

Some individuals are happy to gamble out their money at a casino or by playing the lottery without raising a question, however when it comes to an opportunity that has the potential to return rewards many are skeptical. 

My advice is to invest responsibly. Do your own research and yes, be part of something you believe in without breaking the bank. In my own experience, I have invested by throwing in as much as I am able to afford to lose. This way, I have been able to grow my investments, but if the investment did not return the outcome I desired, I was still able to get a good night’s rest knowing that I haven’t “put all my eggs into one basket”. 

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