In this interview with Bizweek, Benito Elisa, founder and chief executive of Wakanda 4.0, discusses the rationale behind Scrybit Wallet, which he presents as Africa’s first regulated non-custodial crypto wallet, the importance of clear rules for virtual assets and stablecoins, and how Mauritius could strengthen its position as a gateway for the continent’s on-chain economy.
What problem in Africa’s digital finance ecosystem motivated you to create Scrybit, and how does this solution fit into your broader vision for the on-chain economy?
There are two ways to hold your virtual assets, namely custodial or non-custodial. We have chosen the non-custodial way to provide our users with 100 % ownership and control over their assets. Scrybit Wallet is a regulated non-custodial crypto wallet where users can hold, send and receive cryptos. In addition to this, users will be able to buy virtual assets with their debit, credit or prepaid 3D secure cards and sell virtual assets and receive fiat on their respective bank accounts in 150 countries around the world through our regulated partners. Scrybit Wallet services are solving two main problems: The first is providing a regulated non-custodial crypto wallet giving more trust and confidence to crypto users and avoiding fraud and illegal platforms. The second is easing conversion from fiat to crypto and crypto to fiat in a regulated and legal way. We are positioning Scrybit Wallet to be part of the future booming on-chain economy.
Scrybit is described as “Africa’s first regulated non-custodial wallet.” How significant is this milestone for you personally, and for the continent’s crypto landscape?
After spending 9 years in the blockchain and crypto industry, building the first regulated non-custodial wallet in Africa is a significant milestone for me. I would like to thank my partners and team members for believing and investing in such a project. More and more countries are implementing laws to regulate crypto activities and players. It is high time to bring more regulations and rules in this industry for several reasons, namely to regulate all crypto activities; to avoid abuse by scammers, fraudsters, terrorists and other illegal players; to allow more people to invest and benefit from crypto and blockchain, and to get prepared to welcome the growing on-chain economy.
There are many other African projects thriving at the international level and Scrybit Wallet, a Mauritian entity, is proud to be the first regulated non-custodial wallet in Africa for global users.
Many global users still mistrust digital asset platforms. How does Scrybit’s regulatory foundation help address concerns around safety, transparency, AML/KYC, and data protection?
It is true that there is still a perception that crypto is a scam. This is due to the fact that many scammers and fraudsters have abused the system to steal money from curious investors, and there is also a lack of knowledge in blockchain and crypto from newbies. But Scrybit Wallet, being a regulated platform, brings more trust and confidence to users. To open an account with Scrybit Wallet, users need to complete their KYC verification first before they are able to create a wallet. The non-custodial nature of Scrybit Wallet gives full control and ownership of assets to its users. The private key remains with the users. So, users have the responsibility of safely keeping their private keys, password and secret phrase. Scrybit Wallet complies with all AML/CFT, travel rule and data protection laws and regulations. The wallet provides a regulated platform to genuine and legitimate users to fully enjoy the benefits of using crypto and blockchain without compromising on control and ownership. Whenever there is a request to convert crypto to fiat money, there is a check being done on the source of funds using advanced blockchain analytics tools. Tainted funds won’t be processed, and proper reporting, as required by the law, will be done. Our compliance team is very knowledgeable about blockchain and crypto, and has been properly trained to use and manage the different tools to identify suspicious transactions.
Do you believe African startups can set global standards in compliant digital finance?
The answer is a big yes ! Let’s not underestimate African startups. There are many knowledgeable and skilled people in Africa who can work and set global standards in compliant digital finance. We have experts in blockchain, crypto, finance, compliance and security on the African continent. Bringing the right team together can create startups that can compete at the international level.
“Many international banks are considering moving to blockchain for faster and efficient cross border transactions.”
‘Not your keys, not your cryptos!’ During the past ten years, we have seen many users losing their hard-earned investment from custodial platforms. At Scrybit Wallet, we believe that users should remain in control and own their assets at all times. This will drastically reduce the 3 party risk for users. Decentralisation is a foundational concept of blockchain and cryptocurrency, referring to the distribution of control, decision-making and data across a network rather than vesting authority in a single central entity.
What challenges did your team face in designing a product that gives users full control while still ensuring security and ease of use?
There were many challenges we came across during the last two years in building the wallet. It is true that giving users full control on a regulated platform was not an easy model to create. But we managed to find the right balance between non-custodial and regulations. We also had to design a user-friendly experience for our users, but being a regulated entity requires lots of conditions that need to be respected from the regulator’s side. We are at the start of our journey. We are listening to our users and will improve the UI/UX over time.
How do you plan to educate new crypto users, especially in emerging markets, about self-custody responsibilities?
This is part of our responsibility to educate the newbies. Scrybit Wallet has taken some initiatives to share knowledge about blockchain and crypto through The Brain by Scrybit – an educational You Tube Channel; the Scrybit Podcast; sharing articles, news and educational contents through in-app features and on all our social media accounts.
Scrybit already supports major blockchains like Bitcoin, Ethereum, Ripple, Tron, and Polygon. What guided the selection of these networks?
The selection was motivated by the most used blockchain rails and the number of tokens supported by these blockchains. We are actually working on a second list of blockchain rails that we will add to the wallet.
How do you envision expanding multi-chain support in the coming years, especially as Africa’s Web3 ecosystem diversifies?
Scrybit will add more and more blockchain rails in the next two years. We will also follow closely how the market is responding to the new blockchain networks being launched and will definitely follow the trend and add new ones.
Can you share more about the underlying technology architecture that allows Scrybit to remain both scalable and user-friendly?
Scrybit Wallet was built from scratch and has been built in a way where we can easily scale and remain user-friendly. At its core, Scrybit Wallet operates as a non-custodial wallet, meaning that private keys are generated, stored, and controlled exclusively by the user. Scrybit never holds, accesses, or controls user private keys or funds, and asset ownership is cryptographically enforced through blockchain protocols rather than centralized custody. I can’t disclose more information about our underlying technology architecture for obvious reasons, but I can assure you that there is an experienced and knowledgeable technical team behind Scrybit Wallet.
Many African users struggle with onboarding due to fiat-crypto conversion barriers. What is the strategic importance of Scrybit’s fiat on/off-ramp partnerships, and how were these partnerships secured?
This issue was highlighted earlier and Scrybit wants to ease the conversion of fiat to Crypto and vice versa. Firstly, it is important to note that Scrybit works with regulated partners only. We have scrutinised all potential partners before concluding any partnership agreement. The protection of users’ assets and data is of utmost importance to Scrybit. So, by using Scrybit Wallet, users are accessing trusted and regulated partners’ platforms. More products will be added to Scrybit Wallet to make it easier for our users to use their assets for payments, P2P and other services & transactions.
What future expansions do you foresee for fiat connectivity across the continent and beyond?
We are currently working on a number of products where users will be able to benefit fully from their digital assets and connect to the traditional finance world.
“There are many knowledgeable and skilled people in Africa who can work and set global standards in compliant digital finance.”
The roadmap mentions upcoming features such as native staking, analytics, DeFi integrations, expanded fiat support, cards, and more blockchain rails, all subject to regulatory approval. Could you walk us through the prioritization behind this roadmap?
The Scrybit team is currently working to add the above features as soon as possible. But of course, it is going to take some time to finalise the technicalities, check the legal side, design the process flows and also get the necessary regulatory approvals. Scrybit Wallet will share updates as and when we are progressing on each feature.
Which feature do you believe will have the biggest impact on mass adoption?
All of the proposed features, plus the educational initiatives, will help towards mass adoption. The users want a trusted and regulated platform with security, user-friendliness and to be able to navigate from crypto to fiat and vice versa easily.
How does your team balance innovation speed with regulatory constraints?
Scrybit has decided to go the regulated route, and we need to play by the rules. Our team holds regular meetings to discuss how to bring innovation (new products/features) in a compliant way. We often find ways to satisfy the requirements of the regulator, and on one occasion, we had to compromise on automation of manual operations. But we are finding the right balance to propose our services by remaining compliant.
You state that “the whole world is moving on chains.” What role do you see Mauritius and Africa playing in the global on-chain economy over the next decade?
When you see the latest developments in the blockchain and crypto industry in the US, Europe, Africa and Asia, it is obvious that we are moving on-chain. Regulated tokenization of gold, real estate, shares, bonds and other assets is already happening in several jurisdictions. Mauritius has already positioned itself as a fintech hub and a gateway for Africa. We need to bring more clarity in our laws with regards to virtual assets, tokenization and more specifically to stablecoins to attract fintech giants to Mauritius. Many international banks are considering moving to blockchain for faster and efficient cross border transactions. Ripple has recently received conditional approval for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC). Things are moving in major economies, and Africa should not lag behind this time. Hopefully, Africa will be amongst the leading continents in this industry.
