Changpeng Zhao, the CEO and founder of Binance has got his mind set on Africa. The cryptocurrency exchange is expanding its reach in Africa by launching a crypto-fiat exchange in Uganda. The company announced its first foray into fiat-crypto trading today. Binance will be supporting the Ugandan Shilling as well as launching other major cryptocurrencies.
Zhao, explained that the move “shows Binance is not just into chasing the most developed markets.” He also explained further saying, “We think that crypto has a very strong use case in less developed countries… there’s more money to be made in a more developed country, but we want to distribute crypto to the rest of the world.”
Earlier in the year Zhao had visited Uganda solidifying the interest of the company in foraying into the African market. The company is moving fast to occupy the vast market presented to them and they are also getting supports from the Government, the crypto industry and regulators.
Zhao described Uganda as a “really interesting situation, only 11 percent of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment – Africa’s a big market, that’s why we’re there.”
Unfazed by the falling trade volumes cryptocurrencies are experiencing both on Binance and other crypto exchanges, Zhao remains confident claiming that, “seen this many times, five or six times on a yearly cycle.”
Binance aims to ensure that Binance Uganda will be an independent structure that will have a solid business corporation with the currently existing platform. Although it will be separate but it will still have the same existing code base of Binance’s system.
What do you think about the Crypto-Fiat Exchange Launch in Uganda? Share your opinion with us in the comment section below.
Image credit: Pixabay
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