ABiT Quick Swap, the newly launched feature of the Abit Network, has seen over N80Million naira worth of transactions just days after listing on two top exchanges, according to the Founder/ CMO Gaius Chibueze.
Users liquidate digital assets into fiat currency or any other cryptocurrency to pay bills, cover an emergency, or buy any other investment. When needs arise, speed is of the essence; no one has time to wait three days for a bank wire to clear. For those occasions when a rapid exchange is essential, individuals need a wallet that can guarantee quick swap between assets or fiat.
In an announcement on social media platform Twitter last week the founder of ABiT Network wrote that a new feature was been release on the ABiT trading platform and an extra security layer was also been announced
The official twitter page of Tatcoin explained how easy it was to swap naira with bitcoin, using the quick swap feature.
All a user needs to do is to go to his / her profile on ABiTrader, copy the Naira account there. There is a Naira account created for everyone that has registered on the app. Transfer money from their bank to that Naira account.
Users can thereafter check their balance after which they can click on QUICK SWAP to convert Naira (NGN) to TATCOIN (TAT) by typing the amount they want to convert and click Swap.
In an e-mail interview, the CTO of ABiT Network, Raymond Idu told BusinessDay that “How it works is that when a user has naira and wants Tatcoin , he or she can swap for Bitcoin also if you have Ethereum and you need Bitcoin, you can swap Eth for Btc.”
For now, ABiT has about four pairs, naira, bitcoin, tatcoin and ethereum which can all be swapped.
“It all happens on the ABit Trader platform. So some transactions also work partially, and the challenge we have with users is they think the swap order happens all at once. But sometimes it does partially,” said Idu, who added that there will be another top listing soon.