BY Aderemi Ojekunle
Wittytech Limited, a digital currency firm, has launched Africa’s first non-custodial peer-to-peer cryptocurrency exchange platform.
In a statement by Dan Ewah, founder of the platform, the vision of the Witty is to play a major role in breaking the third-world fence by leveraging on “permissionless and trustless technologies”.
According to him, the platform will ensure the seamless transaction of digital currencies while solving the challenges and risks associated with cryptocurrency trading and custody.
“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,” Ewah said.
“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 centralisation 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 is 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.”
Ewah stressed the need to own private keys and the ability to retrieve them in case of forgotten passwords without the interference of the founders of the platform.
“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,” he added.
“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.
“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.”
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