Binance Uganda – Binance, a major international cryptocurrency exchange and the largest by trading volume of about $1.8 billion daily, has announced the launch of its fiat-to-crypto exchange situated in Uganda. The exchange (Binance Uganda) is a subsidiary of the company and its first fiat-to-crypto exchange. The new exchange boasts of a capacity to process an average 1.4 million transactions per second hence one of the fastest globally.
Prior to this official launch, Binance Uganda had already opened registrations in June on www.binance.co.ug with the first 20,000 registered users rewarded with 0.5 BNB (Binance tokens). According to Binance Uganda, the new branch will start accepting full sign-ups, deposits and withdrawals of Ugandian shillings (UGX) on Wednesday, October 17 while it continues with its KYC (Know Your Customer) process today. Also, the new platform is ‘not’ limited to residents of Uganda only and will offer zero trading fees during the first month of its official launch.
Full trading will commence on the above date with an initial support of only UGX/BTC and UGX/ETH (Ethereum) trading available. However, the exchange promised an addition of more UGX/Crypto trading pairs in coming weeks.
Highlighting the aim of this project, Binance CEO Changpeng Zhao; through its Chief Financial Officer remarked:
We are extremely proud to officially launch our first fiat-crypto exchange in Uganda. We have been diligently preparing for this exchange with our local partners since our first visit in April 2018. This is only the first step in our efforts to introduce cryptocurrency and blockchain technology to support sustainable economic development in Africa. We look forward to bringing more innovations to the region.
The Binance team further stated its target remains an outreach to not only developed nations but also less developed nations which have potential to grow into thriving markets.
In direct contrast to perceived notion, Uganda with a population of over 44 million has become Africa’s first-mover in blockchain adoption. The country whose government has shown interest in the emerging technology, also plays host to key blockchain conferences and communities with a strong support from regulators.
The launch of Binance Uganda further reiterates the commitment of the Binance team. As stated by its CEO over the past weeks, the exchange looks to create available presence in all continents; specifically launching two fiat-crypto exchanges per continent.
Mr Zhao had also explained the company’s preference for smaller nations like Malta and in this case Uganda saying “These countries tend to respond in a more efficient way, you can access top level government officials and they respond directly and efficiently. They appreciate the investment you are bringing into the local economy.”
The Binance team also announced plans were in motion for fiat-crypto exchanges in Malta, Singapore and Liechtenstein.
What are your thoughts on this launch in Africa? Is a move on the Nigerian market imminent?
Did you know? Top five crypto utility countries in Africa: Nigeria, South Africa, Ghana, Kenya, Zimbabwe.