South African Blockchain firm, Cryptovecs Capital and PO8, a marine archaeology Blockchain startup has recently penned an agreement of around $ 1 million USD investment on PO8 upcoming Non-Fungible Token (NFT). The partnership allows the firms to expand and opens a new door to enter the African cryptocurrency landscape including Kenya and South Africa.
Non Fungible Token:
In a basic scenario of cryptocurrency and Blockchain, a token represents digital assets backed by money which is fungible and interchangeable. However, an NFT or Non Fungible Tokens are backed by physical things i.e. an object with a unique identity. These tokens, unlike other traditional currency and tokens remain perfectly unswappable to each other.
In this partnership, PO8 upcoming non-fungible token while emphasizing on blue economy utilizes the sunken treasure, different artifacts and unique oceans resources as a sustainable source of funding for people from all part of the world. Unlike the traditional tokens, PO8 tokenization model allows preservation of different artifacts from the Bahamas in PO8’s museums to attract historical tourism and offers an opportunity to own those artifacts with the NFT’s similar to the regular investment, we make in bonds, stock or equity. Meanwhile, PO8 token is a much secure store of value in arts, free from the high volatility that we have with bitcoins and other digital currency.
Collaboration to Expand In the Market:
Cryptovecs Capital, a prominent South African Blockchain firm understand the cryptocurrency market well and are working to educate people about the need of decentralized economy for many years. Along with this, they are also looking for partners around the world who are working in Blockchain space and are regulated at the same time. This has made PO8 in the Bahamas the best bet for the ongoing partnership.
Recently, John Lombela, managing director of Cryptovecs talking on the partnership told CNBC that Bahamas is one of the first jurisdiction to implement a friendlier regulatory framework in trading and exchange and thus given them the opportunity to form the partnership with PO8. While answering the other question John also emphasizes that they will like to replicate this existing model of Bahamas in South Africa, Kenya, Tanzania and other regions to excavate the lost treasure of the place and generate revenue.
Both the companies PO8 in Bahamas and Cryptovecs are celebrating the partnership intended to explore the underwater treasure surrounding the Bahamas worth billions of dollar utilizing the Blockchain technology. Moreover, the partnership also foresees to open the doors for Africans not only the privileged class but also from everyone to invest in security assets.