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Added the ability to use convertible notes to Patricia Exchange. The manager of the exchange, Fejiro Hanu, also disclosed that the stock will be managed by a trusted third party licensed by the Nigerian Securities and Exchange Commission to ensure full transparency.
In a notable move following the launch of the Patricia Token (PTK) by Patricia, a Nigerian cryptocurrency exchange, CEO Fejiro Hanu has unveiled a new initiative. Clients now have the option to convert their debt funds into Patricia shares, marking a strategic shift in the company’s approach to capital raising and debt management.
According to Hanu’s statement, this process is an integral part of the company’s strategy as it positions itself for future program relaunches and a broader fundraising initiative. It allows users to convert their debt tokens into convertible notes at a favorable discount in Patricia’s ecosystem. This innovative approach can be a lifeline for users who are having problems accessing their funds.
Hanno also made an important revelation about Patricia’s management of these shares. He explained that the shares will be monitored by a trusted third party licensed by the Securities and Exchange Commission of Nigeria (SEC). The involvement of this third party is intended to ensure complete transparency and foster trust among Patricia’s user base.
However, it is important to note that not all users are happy with this development. A video circulating on social media shows a group of agitated users outside what appears to be Patricia’s office, demanding their money back. Some users seem to believe that the company’s CEO, colloquially referred to as “Patricia Bitcoin Man,” has absconded with their capital. It is worth noting that Hanu addressed this issue and considered the video content misleading and mischievous.
In his explanation, Hanno emphasized the fact that Patricia works with a completely remote structure and that the office shown in the video is actually an innovation center established in 2022. The center was designed to provide free workspaces to developers and cryptocurrency enthusiasts, and Patricia does not run her main operations from that location.
When asked about a solution for users who had trouble withdrawing their funds, Hanu provided information about the relaunch of Patricia’s app. The app is currently in beta testing and customers are invited to experience it before the public release. As part of this process, some customers who chose to test will redeem their Patricia Token (PUTX). This internal token serves as Patricia’s solution for user debt management on the exchange.
Hanno also noted that Patricia users were notified of plans to redeem their balances in batches after the company reopened. The aim of this approach is to address the ongoing problems customers have in accessing their funds since April.
This latest development follows a security breach that Patricia disclosed in May 2023 that led to the destruction of capital. While Patricia claimed that customers’ funds remained unaffected. Difficulties in accessing these funds continue, forcing the company to take these precautionary measures.
As Patricia restructures her debt through convertible notes and promises transparency. It remains to be seen how users will respond to this unique approach. And whether it helps ease their worries about their finances.
