The world's largest cryptocurrency exchange opened a branch in Uganda this week and signed up 40,000 new crypto traders to the platform.
Binance Uganda will allow trading of fiat to Bitcoin and/or Ether and vice versa. This local subsidiary differs from Binance in that regard, which only offers crypto-to-crypto trading across a number of pairs. Further, Ugandans are required to provide government issued IDs, whereas Binance users notoriously only provide an email address.
"Uganda is our pivot to reach out to other African markets...A use case for cryptocurrency in Africa is as a hedge against inflation."" ~ Wei Zhou, Binance CFO
75% of people in Uganda do not have bank accounts, so this move can bring liquidity to an untapped market, as well as save the significant fees associated with converting one currency to another.
For inspiration, support, and service,
sign up to receive our newsletter the Chronicles of Eden
delivered straight to your inbox once a week!
Contact Live Truth Productions
For more on who we are & what we're about, click here.
Wow Binance is setting up in Africa now? Wonder who's prioritizing international markets in the company.
Just neat :)
JUST neat? There must be more to it!