South African Cryptocurrency Player SAFCOIN Announces Ambitious Growth Plans

| February 27, 2019

SAFCOIN, an exclusive African cryptocurrency, has outlined its growth roadmap, which includes opening a third support centre, expanding into Africa, the creation of a bespoke payment gateway, and the launch of an online marketplace, micro jobs, and rewards system.

Since its launch in December 2018, after a successful Initial Coin Offering (ICO) between July and October 2018, SAFCOIN has made significant progress in its mission to promote social and economic growth in the country.

Rapid expansion

During the ICO, SAFCOIN raised enough funding to sustain the development of its own technology platforms and initiatives, to allow more South Africans to join the cryptocurrency revolution.

“It was never our intention to be ‘just another cryptocurrency’,” says Neil Ferreira, CEO of SAFCOIN.

“Our vision was to demystify cryptocurrency for ordinary South Africans and to provide them with the avenues and opportunities to join the digital currency revolution.”

Ferreira adds that “there is so much more to cryptocurrency than merely trading it for profit. It can empower individuals, open up marketplaces, support cross-border trading, and stimulate social and economic growth. This was why SAFCOIN was developed – to serve the people and to allow them to serve themselves.”

Its most recent achievement was the creation of SAFCOIN mining opportunities for start-up miners, allowing them to mine SAFCOIN and earn attractive monthly rewards. Rather than competing for payment, miners are guaranteed rewards, depending on the hash rate, or computing power, that they contribute to the network. SAFCOIN is now looking at ways to democratise mining, so that those who do not have access to computers or mining machines can also take part in and learn more about mining.

Other foundational milestones include:

Bespoke blockchain. SAFCOIN is built on its own, decentralised blockchain, which is protected by a network of miners. ICO tokens were issued using Ethereum’s Smart Contract technology and were successfully migrated to SAFCOIN crypto-coins upon the launch of SAFCOIN.

SAFCOIN Exchange. The Exchange supports trading of SAFCOIN, Bitcoin, and money (fiat) trading pairs. The centralised exchange allows the SAFCOIN team to maintain control and monitor activity to prevent money laundering, identity theft, and other illicit activity. It serves as the foundation on which future use cases will be developed.

SAFCOIN wallet and mobile app. Users can access the functionality of the SAFCOIN Exchange and create a SAFCOIN wallet via the Android or iOS app. It allows users to send SAFCOIN to friends and family and to make payments using SAFCOIN. All platforms undergo regular security audits by an independent party, and a bug bounty programme ensures security remains a top priority.

Future plans

SAFCOIN will soon be offered in Botswana, Malawi, Mozambique, and Zambia, as it continues its mission to empower more Africans to benefit from the opportunities offered by cryptocurrency.

Plans to open a third support centre, in KwaZulu-Natal, are underway, following the successful launch of support centres in the Western Cape and Eastern Cape. The centres offer assistance to anyone looking to buy, trade in, or learn more about SAFCOIN and cryptocurrency in general.

A SAFCOIN payment gateway is also in development that aims to simplify and reduce the cost of e-commerce trading for SMME’s. The gateway will provide an easy way for users to make online payments using SAFCOIN – for free. It also serves as a cheaper, easy alternative for micro traders and small businesses to trade online and access a larger, more dispersed market. This will enhance liquidity for the cryptocurrency.

As part of its commitment to empower small businesses to join the big business network, the SAFCOIN team has a number of exciting plans in the pipeline, including an online marketplace, tourism, remittance, micro jobs, and a rewards system.

“Considering that SAFCOIN launched just two months ago, we’re thrilled with what we have achieved and the response we’ve received from the market,” says Ferreira.