The renowned crypto exchange by trading volume, Binance is setting foot on the African soil, by launching Binance Uganda. It is a great initiative to address the enthusiasm and possibilities of blockchain-based products and cryptocurrencies on the continent. Binance Uganda will focus on fiat to cryptocurrency trading. Moreover, the trading is now live.
It has already been a week, since the crypto exchange enables deposits and withdrawals on the platform, along with verifying its users. This is a significant move by the crypto exchange, in expanding its market area. Furthermore, it is notable that Binance founded in China kept moving places. Following the ban on cryptocurrencies by the Chinese Government, the exchange migrated to Japan. Moreover, following strict regulations from the government in China and Japan, the crypto exchange settled in Taiwan.
More about Binance Uganda
The reason for selecting Uganda was made pretty clear by the crypto exchange. They wrote: “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.”
Binance Uganda is the country’s first fiat to crypto exchange. The crypto exchange lets the users buy the renowned cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). This can be bought using the local fiat currency, Ugandan Shillings (UGX). The news about the work on the trading platform in the country was made in June of this year.
Furthermore, the crypto exchange also made it clear, that for a month, the trading platform will remain a zero-fee platform. Following the offer’s end, the trading platform will only charge a 0.1 trading fee.
Binance also partnered with the United Nations (UNDP) to create the Blockchain Charity Foundation (BCF). It has pledged a support of $500,000 for the country. This would let the crypto exchange grow in the country, and help the community over there.