Binance has decided to expand its trading platform to the African continent. This time, the selected country has been Uganda. It will be possible for users in the country to purchase and sell virtual currencies for Ugandan shilling. At the same time, Binance CEO, Changpeng Zhao, has decided to donate $500,000 dollars to charities in the country.
Binance Expands to Uganda
The largest virtual currency exchange by trading volume has decided to offer services to Ugandan citizens. Individuals in the country and abroad will be able to purchase virtual currencies using Ugandan shillings, the local currency in Uganda.
On October 24, Binance announced in a blog post that it has started fiat-crypto trading on Binance Uganda. A week ago, the exchange allowed users to start depositing funds and verifying their accounts at the exchange. Now, cryptocurrency trading activities have started.
One of the main intentions behind the decision to enter the Ugandan market is to expand the cryptocurrency market to less developed countries.
The blog post reads as follows:
“This country of 44 million people is a progressive nation when it comes to blockchain adoption, thanks to the strong support for the technology from its government and regulators. Key blockchain conferences, associations, and communities have flourished in this African nation, lightning the way for the continent to leverage blockchain technology.”
Benjamin Rameau, director at Binance Labs, said in August that an investment in Africa could be one of the best trades of the century. The African continent has an enormous potential to grow and develop in the coming decades. Additionally, he compared the market with Asia in 1960 when it started to emerge as an economically prosper continent.
Helen Hai, UNIDO Goodwill Ambassador for Industrialization in Africa, explained that the exchange is ready to make a difference in Africa with the Blockchain Charity Foundation (BCF). Helen said that blockchain technology is a game-changing technology that would allow donations to be effectively distributed.
“I believe my purpose is to empower the bottom billion people in this world,” she said.
In addition to it, Binance CEO, Changpeng Zhao, announced that it will be giving $500,000 dollars in donations for Uganda via the BCF. He said this during the UNCTAD World Investment Forum in Geneva.
Binance is currently the largest exchange in the market. In the last 24 hours, the exchange has handled $680 million dollars of trading volume. The most important trading pairs at the exchange are RVN/BTC, BTC/USDT and XRP/BTC, accounting for 28% of the total trading volume in the platform.
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