Blockchain Company Safcoin Acquired By Schindlers Attorneys’ Digital Arm
Virtual Nation Builders (VNB), a Web3 technology company, has acquired South African-founded crypto and blockchain company FHM (Pty) Ltd, creator of Africa’s first cryptocurrency—Safcoin.
VNB is 30% owned by Schindlers Attorneys, a blockchain law firm whose legal expertise complements VNB’s tech and digital know-how and FHM’s specialist blockchain and cryptocurrency experience. The combined businesses aim to champion and support their clients’ digital needs in the Web3 revolution.
Commenting on the acquisition, Neil Ferreira, co-founder and CEO of FHM, says the combination of tech and law in the blockchain and crypto space was a key factor in the decision to merge with VNB.
“The merger comes at an important time in the evolution of the blockchain and crypto industry. There’s increasing demand for legal crypto expertise, a rise in litigation involving crypto assets, and developments in the regulation of digital assets,” says Ferreira. “Our advanced and integrated understanding of the tech, law, and crypto industries will enable us to extend the benefits of blockchain technology to new industries and applications, starting with social and community development.”
Since the Safcoin cryptocurrency and blockchain launch in 2018, the team has been developing use-case platforms, e-commerce payment gateways, AI solutions, smart contracts, integrating with Fiat solutions, working with sandbox partners, and many more.
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Safcoin, which started as an exclusive cryptocurrency for South Africa, launched Pan-African Cryptocurrency in 2019. It started with solving the pain point of cross-border payments in Africa. “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”, added Neil at the time of launch.
