Binance to launch its first Crypto-Fiat Exchange in East Africa

Written by Muniza Imran ·  1 min read >

Binance is among the top three trading companies of the world and ranks the world’s second-largest digital currency trading platform. Recently, it shut down for a system upgrade after some vulnerabilities were identified. The system has been upgraded and back online.

Binance, now stable again, is continuing with the launch of its pre-planned projects. One of them is a crypto-fiat exchange in Uganda, East Africa. On June 28th, during an interview with the CoinTelegraph, the CEO, and founder of Binance, Changpeng Zhao, announced that they will be launching their very first crypto-fiat exchange in Uganda. He stated,

“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.”

Binance Uganda is the first ever platform for Binance where it has partnered with fiat exchange. Zhao chose Uganda as their first country to launch a Crypto-Fiat exchange because it represents a huge market with only 11 percent of the population having bank accounts. The opportunity also represents a challenge, but it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. Zhao believes it to be an interesting experiment. Africa is a big market, and that is why Binance is exploring it.

Africa is one of the developing countries of the world which is moving at a very fast pace in the field of technological advancements. Akon also announced the launch of his own cryptocurrency, AKoin, in Senegal. The singer said that the introduction of this currency will not only boost the economy of Africa but will also provide other benefits such as high-security introduction, technological advancements, and crypto involvement of Africa.