Crypto startup Safcoin to be listed after exchange offering

Cryptocurrency startup Safcoin will undergo an Initial Exchange Offering (IEO) this month, followed by an international listing in June.

The startup announced the offering on 13 May

The IEO comes less then three years after the cryptocurrency was founded  by South African entrepreneurial trio Michela, Tony and Neil Ferreira.

The Safcoin IEO will take place place on 26 May and it will then list on 3 June.

Cryptocurrency on the African continent

Safcoin was launched in 2018 is based in Hartenbos.

That same year, Safcoin ran an Initial Coin Offering (ICO) that raised R4-million from over 6 000 participants. The startup sold 20 000 tokens.

Prior to launch, Safcoin mined five million tokens to be used as part of a customer loyalty or reward programme. The startup plans to mine five million more and it generates revenue by charging a 2% transaction fee.

The  crypto startup operates a mobile wallet wherein users can access the exchange and make payments.

In March, Safcoin launched a blockchain platform called MobiJobs.Africa. The platform serves as a marketplace for gig workers and businesses in Africa to connect.

Cryptocurrency exchange platform P2PB2B will host the offering.

Established in 2018, P2PB2B has over 200 cryptocurrencies and boasts a $438-million 24-hour volume trade.

Read more: E-residency enables SA entrepreneurs and SMME business owners to take their business global
Read more: Drosos Foundation and Startup Guide publish Egypt guidebook

Featured image: Dmitry Demidko via Unsplash