Binance Uganda Accepting Uganda Shillings-Earlier this week, on October 15, the major international crypto exchange, Binance, announced the launch of Uganda’s first-ever fiat-crypto exchange enabling Binance to expand their cryptocurrency trading in the East African country.
Soon after the announcement, CEO and founder of Binance, Changpeng Zhao (CZ) announced that this Binance platform will allow its users to start accepting deposits and withdrawals from Binance Uganda with cryptocurrencies such as Bitcoin and Ethereum as well as in Ugandan Shillings beginning October 17th.
“Trading on Binance Uganda will open soon with BTC/UGX and ETH/UGX trading pairs. The start time for trading will be released in a later announcement,”
Uganda loves Blockchain technology:
Binance Uganda Accepting Uganda Shillings-There has been an exponential increase in cryptocurrency communities from Uganda, Kenya, and South Africa. A lot of Blockchain conferences are hosted in Uganda and supported by the Ugandan government and financial regulators.
Even though in March 2017, Africa’s Bank of Uganda warned its country’s investors of the risks of cryptocurrencies, the country’s government continues its interest in using Blockchain technology.
Binance’s CFO Wei Zhou supports and encourages these initiatives, saying their “company’s first fiat-to-crypto exchange in Uganda will help maintain sustainable economic stability in Africa, noting that the company plans to bring more innovations to the region.”
Expansion of market in Africa:
Binance Uganda is part of the firm’s plans to expand its market into the African continent. Which possesses one of the youngest populations on the entire globe. Binance sees an immeasurable opportunity for growth in Africa, the reason for this optimism being that there is the lowest penetration of banking and financial services on this continent compared to the rest of the world:
“In Sub-Saharan Africa, only 43% of people aged 15+ own a bank account versus a global average of 69%,”
– Labs director, Benjamin Rameau
Binance Uganda’s future plans:
Binance Uganda Accepting Uganda Shillings-Binance plans to provide additional trading pairs in the future. All users have been exempted from trading fees for the first month and the exchange provides 24/7 customer support. Binance is the largest international crypto exchange by a 24-hour adjusted trading volume, with almost $1.8 billion in trades.
Binance has forthcoming ambitions to launch crypto-fiat exchanges in Singapore, Liechtenstein, and Malta specifically. Whilst alluding to their intentions to launch more exchanges in various regions around the world.