WITTY Launches Africa’s First Non-Confidential Peer-to-Peer Crypto Exchange
A digital currency company, Wittytech Limited, has launched Africa’s first Peer-to-Peer cryptocurrency exchange.
The platform will ensure the transparent transaction of digital currencies while solving the challenges and risks associated with trading and custody of cryptocurrencies.
In a press release recently released by platform founder Dan Ewah, WITTY’s vision is to play a major role in breaking down the Third World barrier by leveraging unlicensed and trusted technologies.
“WITTY chose to decentralize the peer-to-peer cryptocurrency trading system, contrary to the centralized nature of most exchanges and even the fiat money system.
“It is said that when the purpose of something is not known, abuse is inevitable. It is important to note that cryptocurrency was conceptualized to solve the problem of centralizing assets.
“A situation where a few had custody and control of everyone’s assets was seen to have its limitations and flaws. So crypto configured to change that. As the crypto space continues to mature, we have seen the same centralization that crypto was created for. Today, most exchanges are centralized.
“The risk of this is further heightened when you consider that from time to time there are cases of mismanagement or even embezzlement by the management of traditional regulated financial institutions. So, you start to shudder at the level of risk users are taking in allowing exchanges to hold their assets, given that most crypto exchanges are unregulated.
“So we decided to launch a product to solve this problem and eliminate this risk to a large extent. We have built Africa’s first non-custodial peer-to-peer exchange that allows users to hold their cryptocurrency on their own in a non-custodial wallet.
“A non-custodial wallet is a wallet that gives you sole control over your private keys, which in turn gives you full control over your cryptocurrency and proves that the funds really belong to you,” Ewah said.
Stressing the need to own private keys and the ability to recover them in the event of forgetting the password, without interference from the platform’s founders, the crypto enthusiast added that “if you hold your cryptocurrency in wallets where you do not have the private keys, you are at the mercy of the owners of that wallet, which means the cryptocurrency is not really yours, as the owners may decide not to approve your withdrawal request for whatever reason.
“It’s like building a house and handing over the master key to a third party and expecting to always have exclusive and unimpeded access to the house.
“Two of the largest, most credible and highest rated non-custodial portfolios globally are Trustwallet (for mobile) and Metamask (for desktop). The Witty Platform allows you to connect your Trustwallet and / or Metamask to the Witty Platform and perform your transactions in a way that always keeps you in control of your cryptocurrency.
“The Witty non-custodial peer-to-peer exchange currently supports BTC, ETH, USDT, BNB, and WITTY tokens.
“We’re passionate about passive income, so we’ve created a tiered compensation plan where our users earn 40%, 15%, and 5% for the first, second, and third tier, respectively. These commissions are paid from the transaction fees generated by the platform and users will receive these commissions in perpetuity, as long as their downline trades on our platform.
Other products / use cases developed by WITTY include: Staking Platform, Crypto Remittance Platform, Crypto Payment Gateway, Crypto Lending and WITTY Fund.
“The P2P exchange platform is accessible via https://wittytech.io.