Africa is not being left behind with the cryptocurrency innovation movement as Crypto Savannah, A made in Africa Initiative and Msingi East Africa partners with Binance to promote economic development and youth employment in Uganda using the Blockchain Technology.
This comes as no surprise as countries like Zimbabwe which recently installed its first Bitcoin ATM, South Africa, Kenya and the likes are innovating with the blockchain technology. Crypto Savannah is a newly created African blockchain innovation hub while Made in Africa initiative, and Msingi East Africa are organizations that are committed to the economic transformation of African countries.
The Blockchain technology has the capacity to improve the trading statistics, by providing innovation opportunities for young people according to Trading Economics’ data. With the advent of the blockchain technology, the employment rate in Uganda stood at 47.80 percent in 2012 compared to 88.30 percent in 2009.
In an announcement made by the CEO of Binance on twitter, he hinted at the possibilities of investing a lot more in Africa. This development is believed to have peaked at a recent meeting Mr Zhao had with the Blockchain Association of Uganda (BAU). The advent of the meeting saw Mr Zhao interacting with the local blockchain community promising to support and train young entrepreneurs leveraging on Blockchain.
In his advise to the society, he advised the young entrepreneurs to offer solutions that are going to improve the lives of the society.
The growth of blockchain technology is gaining momentum as partnerships and meetups are happening on a regular basis. Two weeks ago, Kenya concluded its bitcoin meet up, EOS concluded its meetup last week Saturday. Recently the World Food Program announced a partnership with Devery, a blockchain-based supply chain startup to make food delivery to Tunisian school children safe.
Binance initiative believes Africa could attract more global blockchain companies in the future as the technology continues to take root on the continent.
What do you think about the blockchain partnership between Binance, do you think cryptocurrency will soon be embraced in Uganda? Leave your comments in the section below.
Photo credit: financemagnates
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