Mybitstore Limited, a Ghanaian tech developer, has introduced an application that enables cryptocurrency traders across the world to trade using its secured escrow system.
The app, Mybitstore, provides a platform for the buying, selling, receiving and conversion of bitcoin to mobile money and vice versa. It also allows users to convert unused gift cards to bitcoin and bitcoin to gift cards.
Available on Google Play Store and the Apple App Store, Mybitstore provides a free bitcoin wallet to users and accepts over 250 payment methods including mobile money (Tigo cash, Vodafone cash, MTN), bank transfers, cash in person, Chipper cash, Paypal, Perfect Money and Western Union.
In an interview with Managing Director, Mr Benjamin Anderson, he noted that the Ghanaian Crypto currency trading market has been given a huge lift that represents the single biggest boost for the buying, selling and use of crypto currency.
He said despite the relatively widespread use of cryptocurrencies in Ghana, there is little or no trust in crypto transactions, especially ones that are based solely on peer-to-peer and blind trust.
“The Bank of Ghana has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies also known as cryptocurrencies, such as Bitcoin. The Bank of Ghana is currently investing a lot of resources to further enhance the payments and settlements system, including digital forms of money, and also to introduce cyber security guidelines to safeguard electronic and online financial transactions.”
Mr Anderson revealed that currently, there is an ongoing revision that should bring the electronic payments space up to date to international standards and aligned with the evolving global electronic payments landscape, thus the introduction of the Mybitstore.
Touching on cyber security, Mr Anderson assured that the app is built to fight and erase all external threats.
“At the core of every financial transaction are trust and security. The app is built to erase all doubts and safety concerns by employing certain specific features. Before you sell any of the tradable cryptos, mybitstore keeps the bitcoin in its secure escrow2. Through the ‘raise dispute’ feature mybitstore moderates all transactions having discrepancies to achieve smooth and successful trades”, he added.
Mr Anderson further explained that the Mybitstore App provides traders the opportunity to write reviews for trade partners, rate trade partners, and above all block trade partners.