Western Cape, SA, 7 Jan 2022, ZEXPRWIRE, The Safcoin listing on the international exchange HotBit has surely been the signifier of a new era for what was once a humble South African start-up. At the heart of Safcoin is cryptocurrency; but more than this, the Safcoin project is driven in its goal to financially empower Africans through their engineering of ingenuitive use cases for use by the man on the ground.
Founder, Neil Ferreira, who is at the helm of this revolutionary project, together with his wife, Michela Ferreira, and brother, Tony Ferreira, believes that there is a lot more to crypto than profiteering, and recognises the digital currency as a revolutionary tool to affect widespread economic change.
With the Safcoin project gaining traction now more than ever, we sat down with Neil Ferreira to touch base on all things crypto; from the SAF evolution and use cases, all the way through to their future plans as Safcoin begins to situate itself as a force to be reckoned with on the global stage.
1: What is cryptocurrency and why is it so significant for Africans to come on board when it comes to digital currency?
A. Lately, it feels like crypto is everywhere. Celebrities are tweeting about it and people are becoming millionaires from it. But just because crypto is becoming more mainstream, doesn’t mean it is easy to understand. Simply put, a cryptocurrency is virtual money that people can use just like real money to buy things or send to other people.
Africa is undergoing an economic revolution that has nothing to do with banks, and despite little sign of outdated economic policies being overhauled and while cryptocurrency is more commonly used by financial traders in other parts of the world, Africa is bucking this trend and mainly using it for commerce.
2: What need does crypto help to address on the African continent and in the world at large?
A. Cryptocurrency basically works like mobile money; many Africans are already familiar with mobile money transfer. Africa is well positioned to take advantage of the cryptocurrency boom. It has a growing generation of adaptable young professionals and would-be entrepreneurs. Plus, high unemployment in many African countries means young people are skirting traditional sectors and exploring new ways to make money.
With the cryptocurrency system, people are able to start their own businesses, they are able to work for big brands outside their own countries through cryptocurrency and make a living for themselves.
3: What was the driving force behind the inception of Safcoin? And how did you decide which bases you would cover?
A. It is 2017 in a wintery South Africa, and we are two brothers and my wife discussing our current South African e-commerce business. Some great topics come up. Then the concept arises; let’s create an African crypto, just an idea, right? After sleeping on the thought, we turned the idea into planning. Let’s do this; let’s take on the world and create an Africa-focused cryptocurrency, combine it with e-commerce, and build use-cases – a very powerful combination. Priceless. With the blockchain world smashing onto the scene in South Africa, the writing was on the wall.
4: Why does cryptocurrency receive the bad wrap that it has?
A. There are many potential reasons for this, including scalability, cybersecurity issues, price volatility, lack of proper regulations and your standard Ponzi pyramid scams going around. FUD news, speculations and lack of proper education surrounding crypto.
5: Why did you introduce the multiple use cases to the Safcoin ecosystem?
A. We believe crypto was intended to be more than just a trading-for-profit technology. Integrating crypto into e-commerce is very powerful and there are huge opportunities to utilize these spaces together. Safcoin will be used as partial payments for discounts and rewards throughout our e-commerce ecosystems and this gives value to Safcoin.
6: What first sparked your interest in digital currencies?
A. I started exploring Bitcoin in 2017 and coming from a digital background, especially in online payments, this technology immediately amazed me. It was clear that Satoshi created a revolutionary solution to many problems.
7: What is the ultimate goal with the HotBit listing?
A. Liquidity, credibility, decentralization, and growth. We have gone a long way to get to listing on exchanges and to get approved on the global stage is an achievement we are very proud of. As at the time of writing, we have been approved for listings by more than 20 global exchanges already.
8: Many people say that crypto is not a feasible financial option in the current economy. In just five (5) sentences, please convince them otherwise.
A. Bitcoin’s success has impacted the emergence of several cryptocurrencies, whose operations’ basis is the bitcoin model and technology. That has created an entire cryptocurrency industry with vast reserves held by institutions and individuals around the world. Crypto’s outstanding performance has also driven its demand worldwide, creating opportunities for cryptocurrency miners, money exchange businesses, currency trading platforms, and investors. As its adoption continues into mainstream sectors, we expect crypto to generate more opportunities for economic development.
9: Your project has grown exponentially in such a short period of time. Where to from here?
A. We are on our mission to go global. Being founded here, we want to make South Africa proud on the international scene. Safcoin will be listed on global exchanges and partnered with international businesses. We are overwhelmed with the global attention and support we received from listing on HotBit. We are now looking at listing on local SA exchanges.
10: To whom do you owe SAFCOIN’s ongoing success?
A. The whole Safcoin team have put in so much time and effort into this project. We’ve been through an amazing journey and learned such a lot. In the end, we owe this success to our ICO investors who backed us in the beginning and walked a long way with us since inception. They are the ones to thank for Safcoin’s existence.
While this Africa-first project acknowledges its roots, transitioning into the global sphere is vital for its prospering. Ferreira understands the current and future international listings to provide international traders and investors a rare opportunity to hold a native African Proof-of-Work coin; a continental first!
Safcoin website: https://www.safcoin.africa
Safcoin WhitePaper: https://www.safcoin.africa/SAFCOINWhitepaper2.0.pdf
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