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Nigeria’s Patricia crypto exchange seeks to explain its token amid confusion

Published 08/30/2023, 06:52 AM
Updated 08/30/2023, 08:40 AM

The announcement of Patricia Token (PTK) by Nigerian crypto exchange Patricia was greeted by users with scepticism and some suspicion as they took to social media to question the motives behind the move. Now, in a response to that reaction, the crypto exchange company has released a white paper seeking to explain the intended function of Patricia Token.

According to the released white paper, Patricia Token is not a stablecoin but a debt token issued to customers to manage users’ debt. Patricia said it would operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users and promising to pay holders 1 Tether (USDT) for each Patricia Token in the future.

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