A new branch of the world’s largest cryptocurrency exchanges Binance in Uganda opened trading between the cryptocurrency and Fiat.
17th Oct exchange Binance Uganda began to accept deposits in Ugandan shillings (UGX) and started the process of verification of customers and is now available and the exchange between Fiat and cryptocurrencies.
In the framework of the first announcement Binance Uganda CEO Binance, Zhao Chanpen, mentioned about the interest to develop the company’s activities across the African continent. He emphasized that the project in Uganda “developing very fast”, thanks to the strong support from the government, regulators and industry:
“Uganda is in a very interesting situation: only 11% of the population has access to Bank accounts. This is both a challenge and an opportunity. It may be easier to use cryptocurrency, rather than trying to provide everyone access to banking services. This is an interesting experiment. Africa is a very large market. And why we are here”
Director Binance Labs Benjamin Rameau in August noted perspectivity of investments Africa, which can be in position of Asia in the 1960s:
“Today, investment in Africa can be the deal of the century”
This year, Chanpen also stated that it plans to create jobs for young people and to attract investment in blockchain-industry of the country. To implement the stated goal, a crypto currency exchange Binance has already partnered with two organizations involved in the development of the region: Made in Africa and Msingi. The head of the Blockchain Charity Foundation, Helen Mack, said:
“I believe that my goal is to provide opportunities for people of the bottom billion in the world”
Also today, during the international forum of UNCTAD, held in Geneva, the head of the Binance has announced that it will donate $ 500,000 to the development of Uganda through the Blockchain Charity Foundation.