When Binance announced that they would set up operations in Uganda it was regarded as a much-needed move for the development of crypto-sector in the African countries.
Binance in Uganda has gained 40,000 new sign-ups in the first week alone after it’s recent revelation. It appears that the people of Uganda are welcoming Binance’s quest to establish a stable exchange in the African continent.
Most people feel having a bank account is useless and it is there just for granted. But this is not correct over the African countries. In a 2015 survey, it was revealed that more than 2 billion people over the world do not have a bank account or access to a mobile payment system or to a financial institute.
The latest news is that Binance in Uganda has already accomplished 40,000 new sign-ups in just the first week. It shows that there is demand for Cryptocurrency across sub-saharan Africa. Binance opened it’s digital doors in October and has achieved a lot of success already.
Binance partnered with a local mobile payments provider, who remain unnamed due to security measures, to convert fiat-to-crypto and crypto-to-fiat options.
Binance has partnered with a local mobile payment provider. The mobile payment provider is unnamed due to security reasons (crypto-hacks and data breach are becoming more prevalent), to convert fiat-to-crypto and crypto-to-fiat. Marvin Coleby the co-trustee of African Digital Asset Framework in neighbouring Kenya told :
“One of the major issues in the region, in the continent, right now is liquidity and Binance will bring us liquidity. These digital assets can move, borderless, around the continent.”
Binance CEO Changpeng Zhao said that the company is planing to expand operations to five continents and will try to open “five to ten” crypto-to-fiat exchanges in the next year. Binance has already opened new offices in Malta and Liechtenstein. Zhao said that the market-leading crypto exchange would be expanding its operations in Uganda, Singapore and other nations in a year.
Zhao also said that the new Binance, Uganda operation would be looking for local staff to support the new venture. It is said that Binance is planning to expand their operations into other African nations such as Nigeria, Kenya and South Africa. Zhao said that:
“Uganda is our pivot to reach out to other African markets.”
Keeping in mind the fact that African Country, Uganda lacks the empowerment of the youth in the area of cryptocurrency. This opportunity brings in an exchange platform for the people interested in the digitized currencies.