A digital currency firm, Wittytech Limited, has launched Africa’s first Non-Custodial Peer-to-Peer Cryptocurrency Exchange Platform.
The platform will ensure the seamless transaction of digital currencies while solving the challenges and risks associated with cryptocurrency trading and custody.
In a press statement issued recently by the founder of *the* platform, Dan Ewah, the Vision of WITTY is to play the major role in breaking the third world fence by leveraging Permissionless and Trustless Technologies.
“WITTY has opted to decentralise the *peer-to-peer system of cryptocurrency trading*, as against the centralised nature of most exchanges and even fiat money system.
“It is said that when the purpose of a thing is not known, abuse is inevitable. It is important to note that cryptocurrency was conceptualised to address the problem of centralization of assets.
“A situation where a few had custody and control of everybody’s assets was perceived to have its limitations and flaws. So, crypto set to change that. As the crypto space continues to mature, we have seen the same centralisation which crypto was created to address. Today, most exchanges are centralised.
“The risk of this is further emphasised when you think that every now and again, there are cases of mismanagement or even embezzlement by *the* management of regulated traditional financial institutions. So, you begin to shudder at the level of risk that users are taking by allowing exchanges *to* custody their assets, seeing that most crypto exchanges are not regulated.
“So, we set out to launch a product to solve this problem and to a large extent eliminate this risk. We built Africa’s first non-custodial peer-to-peer exchange which enables users to self-custody their cryptocurrency in a non-custodial wallet.
“A non-custodial wallet is a wallet that gives you the sole control of your private keys, which in turn gives you full control of your cryptocurrency and prove the funds are truly yours,” said Ewah.
Stressing the need to own private keys and the ability to retrieve in case of forgotten password, without the interference of the founders of the platform, the crypto enthusiast, added that, “if you hold your cryptocurrency in wallets where you don’t own the private keys, you are at the mercy of the owners of that wallet, which means the cryptocurrency is not really yours since the owners may decide not to approve your withdrawal request for any reason at all.
“It is just like building a house and handing over the master key to a third party and expect to always have sole and unfettered access to the house.
“Two of the largest, most credible and globally rated non-custodial wallets 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 do your transactions in a way that still keeps you in control of your cryptocurrency.
“The Witty *non-custodial* peer-to-peer exchange currently supports BTC, ETH, USDT, BNB & the WITTY tokens.
“We are passionate about passive income, so we created a tiered compensation plan where our users earn 40%, 15% and 5% for first, second and third levels, respectively. These commissions are paid from transaction fees generated by the platform and users will get paid these commissions in perpetuity, for as long as their referrals do transactions on our platform.
Other products/use cases being developed by WITTY includes: Staking Platform, Crypto Remittance Platform, Crypto Payment Gateway, Crypto Lending and WITTY fund.