Tokyo-based blockchain technology development company, Interakt, has launched Shift.market, a peer-to-peer cryptocurrency exchange platform, in Nigeria.
Shift allows crypto traders to buy and sell bitcoin in a safe, yet independent environment.
This is coming at a time when there have been crackdowns on bank-controlled crypto exchange platforms, which complicated cryptocurrency trading in Nigeria.
Called peer-to-peer (P2P) service, Shift’s model is a decentralized platform whereby two individuals interact directly with each other, without intermediation by a third party. Instead, the buyer and the seller transact directly with each other.
The P2P concept of decentralization is popularly known as the principle behind blockchain. Without geographical limitations, the peer-to-peer architecture of blockchain allows all cryptocurrencies to be transferred worldwide, also without the need of a central server.
With operations extending to the Middle-East, Interakt has led innovations in Japan’s technology sector, and the global blockchain market since 2018. Shift is Interakt’s first shot into Africa’s technology market
The Japanese company’s footprints with rapid prototyping, distributed ledger, decentralized applications, and world-class security, have positioned it as a leading player in the blockchain technology development industry.
Driven by the increasing interest in virtual currency in recent years, and the way this is changing the flow of capital, Interakt develops blockchain technologies that simplifies the distribution of various valuables. It also does this with an architecture that addresses security lapses that often plague cryptocurrency’s unregulated space.
Building on this pedigree, Interakt created Shift to provide a functional peer-to-peer crypto exchange platform built with the right security layer.
Shift seeks to facilitate a direct exchange of bitcoin between individual parties, without the limitations of local laws or local banking system.
With the platform open to trades from the third quarter of 2021, Nigerians can now exchange bitcoin for cash directly with anyone globally.
Meanwhile, to further drive home Interakt’s vision of supporting the long-term prosperity of people in markets where they operate, traders only have to pay 0.20% of each transaction as processing fees, compare to the industry average of 0.5%.
Users also have the choice of trading their bitcoin in Indian Rupees, or Naira, as they prefer.
It’s either one of these. Please choose the correct one. I couldn’t find the reason for the Rupees online.