WITTY is a native African blockchain fintech provider with a plan to bring decentralized finance (DeFi) value to the African population. Built on the Binance Smart Chain (BSC), the platform’s vision is to bring down third-world financial restrictions by leveraging permissionless and trustless technologies. Its mission is to progressively increase crypto coverage in Africa.
In a lowly competitive environment, WITTY seeks to enable African merchants and businesses to purchase crypto using local currencies on its Non-Custodial Peer-To-Peer Crypto Exchange. This target population will also be able to convert crypto back to fiat using WITTY’s Remittance Platform, in addition to wiring fiat to bank accounts in about 100 countries. These offerings will greatly support value transfers between African traders and their Western or Asian trade partners. Even more, traders will benefit from the better exchange rates on the platform. To support these goals, WITTY has secured a partnership with a Western Financial Institution.
According to China’s Ministry of Commerce, the China-Africa trade surged by 40.5% year-on-year in the first seven months of 2021, with a $139.1 billion valuation. Additionally, the United Nations Conference on Trade and Development states that the total trade from Africa to the rest of the world averaged $760 billion between 2015 and 2017. On top of that, the continent’s youth have shown an unyielding interest in crypto. Nigeria leads globally only after the US in terms of crypto trade volume. These statistics show the big magnitude of the market size that WITTY intends to serve.
Moreover, global remittances markets generated over $700 billion in revenue in 2019 – a value forecasted to grow at the rate of 7-8% annually in the next decade. Sub-Saharan Africa has remittance charges of 7.45%, which exceeds and is even more than double the rate in other parts of the world.
As part of its development, WITTY launched its initial exchange offering (IEO) on Nov. 19, 2021, on the P2PB2B exchange. The event will run until Dec. 18, 2021, or until 304,000 WTY tokens have been sold, providing a suitable opportunity for early investors seeking in on the project. The token, which fuels payment on the WITTY ecosystem, is available at a discounted price. Its appreciation potential is high since the project concentrates on the whole African continent. Appreciation is also likely since WITTY has not carried out any other fundraising schemes in the past, and the token has a low supply against a large market size. The total token supply is 20 million, with 1 million tokens in circulation. The circulating number will remain constant until April 2023, after which there will be a 5% emission rate from the remaining supply. Whales are non-existent on WITTY, ruling out the chances of individuals single-handedly manipulating token prices.
Already, WITTY has fully developed its non-custodial (decentralized) peer-to-peer exchange, with intentions to complete the Remittance platform using funds raised from the IEO. The IEO’s soft cap is $200,000, while its hard cap is $2 million.
In addition to these two, WITTY has other user-centered products and services it intends to offer. They include a staking platform, crypto debit cards, a crypto payment gateway, a lending platform, a utility platform, and the WITTY Fund. The latter will consist of a portion of the project’s revenue which will be used to fund the acquisition of other platforms to broaden WITTY’s ecosystem and increase the value of its token. All these offerings will come transparently, at a flexible and cost-efficient fee as part of WITTY’s commitment to financial inclusion. Having these products on the blockchain also solves some of the world’s long-standing financial challenges.
And even though the platform largely focuses on Africa, WITTY is open to users and investors from all around the globe.
Other features of the WITTY protocol are enhanced end-to-end encryption security and agile, empathetic management that uses Africans to solve Africa’s problems. The platform’s Active Tribe will follow up on traders’ and investors’ progress while using WITTY.