TL;DR Breakdown
- Safcoin set for IEO in two international exchanges.
- Coin to provide solution to digital payment in Africa.
Safcoin, Africa’s very own cryptocurrency, is set to go live on P2PB2B crypto exchange and Catex crypto exchange.
The token would go live between Wednesday, May 26 – Wednesday, June 2, according to a Press release signed by the firm’s CEO, Neil Ferreira. P2PB2B is a crypto-asset exchange located in the United Kingdom, with a trading volume of $603.61-million over the last 24-hours at the time of writing.
Catex, on the other hand, is a crypto-asset exchange located in China, boasting a trading volume of $137.43-million per day.
News of the igneous Africa Safcoin launching on two global exchanges comes against the backdrop of the firm being named in the Top 140 Fintech to watch by Baobab insight.
Safcoin was named one of the top fintech to watch among many other reputable Fintech startups.
Safcoin plans in Africa
The firm looks to tap into the recent African Continental Free Trade Agreement (AfCFTA), which came into effect in January 2021, to boost trade and crypto adoption in the Africa e-commerce sector.
Users would be able to shop (buy and sell) and pay for goods across the continent with Safcoin and Bitcoin on cryptovalley, Safcoin’s e-commerce market where users can shop for variety of products.
According to Ferreira, the duo of crypto and e-commerce would go a long way in providing a solution to digital payment in Africa, especially in the wake of the AFCFTA.
“Cryptovalley.Africa taps into many ways in which crypto positively impacts Africa,” he said. “Combining crypto and e-commerce is a very powerful duo, a solution to so many problems in the digital payment environment across Africa.”
“More shoppers are now able to support local African sellers in neighboring African countries with cross-border payments being secure and instant using the Safcoin mobile wallet.”
Sellers on the platform would also be able to make fiat cashout in local currencies available in Nigeria, South Africa and Ugandaa.
Fiat conversion for the coin will be available in 33 African countries by the end of 2021.
