Binance is once again targeting the African crypto industry as it announces the official launch of its new fiat to crypto Exchange in Uganda.
by Alan Wass for CNR
The African crypto industry can sometimes go under the radar even though it has one of the fastest growing economies of any continent. Now we hear from the market-leading crypto exchange Binance that trading in Uganda will soon commence, bringing with it a further injection of crypto to the continent.
That’s because the launch of the Binance Uganda Exchange has been announced on the firm’s official website. Users will be able to deposit Ugandan Shilling (UGX), which is the currency of Uganda, alongside BTC and ETH from October 17th (tomorrow, at the time of writing). Users are now also able to complete full account verification.
Trading pairs on the Binance Uganda Exchange will start with BTC/UGX and ETH/UGX, with an exact time for the commencement of trading being announced later. More pairings will also be announced at a later date as the crypto exchange wants to keep things simple for the launch.
CryptoGlobe reported back in July that Binance were planning to launch a new crypto-asset exchange in Uganda. At the time, Binance CEO Changpeng Zhao talked about the Ugandan exchange being an interesting experiment to explore and unlock the vast potential of the African crypto industry.
Binance Plans to Expand Across the World
It’s well-known that Binance has been planning to expand its services across the planet for some time now. CryptoGlobe also reported back in September that Binance were looking to open crypto exchange platforms across five continents.
With 1.2 billion potential consumers and a massive amount of inhabitants without banking facilities, the potential for crypto adoption in Africa is dramatic, to say the least. Not only will the new exchange catapult crypto into the consciousness of the Ugandan people, but in theory it can actually help with the nation’s economic growth.
This launch of the Binance Uganda Exchange is just another part of that planned worldwide expansion. In recent months, the company made its plans public to create a new crypto exchange in Singapore using its local currency. Binance has also partnered with Liechtenstein Cryptoasset Exchange (LCX) to launch a platform in Liechtenstein that has the ability to trade in crypto-assets, Swiss francs (CHF) and Euros (EUR).
As the adoption of crypto-assetrading sweeps across the African continent, Binance hopes to be in prime position to take advantage.