Nigerian exchange Patricia's Patricia Token (PTK) launch caused confusion, prompting a white paper release clarifying its purpose. PTK, not a stablecoin but a debt token, addresses customer debt. Users can redeem it for USDT based on April 29, 2023's value.
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 the Patricia Token.white paper, the Patricia token is not a stable coin but a debt token, issued to customers to manage users' debt.
Patricia said that it will operate similarly to an IOU document, serving as a means for the exchange to acknowledge its debt to its users, and promising to pay holders 1In April 2023, Nigerian crypto exchange Patricia halted withdrawals and deposits due to a breach. However, customers who have not been able to access their funds for months due to the breach were not mollified by the announcements.
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