Cryptocurrency exchange Binance Uganda has kicked off fiat-cryptocurrency trading. Indeed, this is happening just a week after enabling its functions such as user verification, deposits, and withdrawals. The company noted that the latest move has become necessary as it will further engender cryptocurrency adoption.
In addition, the exchange stated that its new market will also integrate fiat currency in a bigger cryptocurrency ecosystem. Binance is encroaching into the Southern African country’s blockchain space in the hopes of propelling blockchain-based development. On Binance Uganda, customers can use the local currency, Ugandan Shillings (UGX) to buy Bitcoin (BTC) and Ethereum (ETH).
What Cryptocurrency Potential Does Uganda Have?
As intended, the Uganda-based fiat-to-cryptocurrency exchange will unlock the country’s huge untapped potential to the global Binance community. Apart from giving the Binance community that rare opportunity, it will also broaden the blockchain ecosystem.
Surprisingly, the government and local investment regulators have shown strong support for cryptocurrency adoption in Uganda. With a population of 44 million people, the Ugandan government has repeatedly sent a strong message, indicating that its people welcome blockchain companies. As a result, the country has played host to a number of blockchain summits and associations. Moreover, many communities have flourished in the country, suggesting that the continent can achieve so much with blockchain technology.
Support for African Blockchain Startups
The Binance team remained optimistic about their resolve to invest in Africa. In August, Binance Labs Director, Benjamin Rameau, noted that the decision to invest in Africa “could be the best trade of the century.”
In comparison to that of Asia, African investment opportunity is similar to that of Asia in the 1960s. Of course, that was before the continent broke away from the shackles of economic backwardness.
Unarguably, Binance Labs has shown time and again that it is capable of harnessing such economic potential. By expanding to Uganda, Binance is looking to claw its way towards pushing cryptocurrency into the mainstream. While the developed economies see blockchain as a financial system to adapt to, Africa sees it as a backbone that supports a new financial system.
Use of Blockchain for Social Good
Beyond meeting African blockchain and cryptocurrency needs, Binance is looking to make a maximum impact on the continent. Consequently, Binance Uganda will take development to the doorsteps of all and sundry.
Furthermore, the Binance charity arm, Binance Charity Foundation (BCF), has always prioritized Africa in its scheme of things. This is particularly true, given that Binance’s Head of BCF, Helen Hai, has earned a global reputation for herself in this regard. Hai’s work on the continent as a UNIDO Goodwill Ambassador for Industrialization of Africa speaks volumes of Binance’s genuine development strides across the beleaguered continent.
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