Mybitstore Limited, a Ghanaian tech developer, has introduced an application that enables crypto-currency traders worldwide to trade using its secured escrow system.

The app, Mybitstore, provides a platform for buying, selling, receiving, and converting 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, Benjamin Anderson, he noted that the Ghanaian Cryptocurrency trading market has been given a huge lift that represents the single biggest boost for buying, selling, and using cryptocurrency.

He said that despite the relatively widespread use of crypto-currencies in Ghana, there is little or no trust in crypto transactions, especially those based solely on peer-to-peer and blind trust.

“The Bank of Ghana has noticed recent developments in the use, holding, and trading of virtual or digital currencies also known as cryptocurrencies, such as Bitcoin. As a result, the Bank of Ghana is currently investing a lot of resources to enhance further 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 there is currently an ongoing revision that should bring the electronic payments space up to date to international standards and align with the evolving global electronic payments landscape, thus introducing the Mybitstore.

Regarding 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 allows traders to write reviews for trade partners, rate trade partners, and above all, block trade partners.