Binance Uganda, the recently launched subsidiary of popular cryptocurrency exchange – Binance, has hit a milestone just few weeks after the October 24 opening of its first fiat-to-crypto subsidiary in Uganda, East Africa.
Despite a general decrease in global cryptocurrency entrants this year due to waning coin prices, the nation of over 43 million seems to have nationals buzzing in the cryptocurrency sphere. This revelation is in contrast to fiat statistics which show that three out of every four Ugandans are do not own a bank account.
In contrast to bank statistics, the crypto exchange announced it had over 40,000 users sign up on the Binance Uganda platform; a figure which suggests that the country’s citizens have taken to cryptocurrency over fiat; with clear signs of Binance’s possible domination of its crypto space.
A notable feature of the Binance Uganda platform is its dual support for fiat-to-crypto (UGX-BTC,UGX-ETH) and crypto-to-fiat trading; a first of its kind to be offered by Binance. This feature pitches Binance as a front runner crypto platform in the country considering the fact that the exchange looks to add more coin trading options to its current Bitcoin and Ethereum only pairs.
According to local sources, Binance Uganda’s success is said to be attracting more interests from other global exchanges who have proceeded to contact local regulators in a bid to launch their services and trading desks in the Ugandan market. Local authorities however attribute the drive to cryptocurrency as a by product of the increased unemployment rate as many citizens now seek ways to become self reliant.
UGANDA TO PIONEER BINANCE-AFRICA RELATIONS
While discussing operations in Uganda, CEO of Binance Changpeng Zhao explained that the huge interest in crypto assets by Ugandans were well envisaged given the high costs associated with the country’s regular financial system especially with regards to remittances, inflation tendencies and cross border transfers.
He further stated that Binance Uganada would serve as a pilot program to usher in the Binance brand to other African markets which have a great crypto following; with Kenya, Nigeria and South Africa all on the company’s radar.
This achievement looks to add Uganda to an elite list of crypto friendly nations, a list currently featuring Malta (Blockchain Island), Japan and Switzerland as its most welcoming nations with the governments of these countries all open to crypto and blockchain possibilities. Also a launch of another African subsidiary as suggested by Binance will most certainly create jobs for local residents as well as fast track the expansion of the exchange in the continent.
What are your thoughts on Binance introduction to the African market?
See previous article on Binance Uganda…BTC.ng
