Binance Launched An Exchange Between Cryptocurrency And Fiat In Uganda

On October 17, the exchange Binance Uganda began to accept deposits in Ugandan shillings (UGX), and also launched the process of verification of clients, and now the exchange between Fiat and cryptocurrencies has become available.

As part of the first announcement of Binance Uganda CEO, Zhao Changping, has already mentioned the interest to develop the company’s activities throughout the African continent. He stressed that the project in Uganda “is developing very fast”, thanks to strong support from the government, regulators and industry:

“Uganda is in a very interesting position: only 11 percent of the population has access to Bank accounts. It is both a challenge and an opportunity. It may be easier to use cryptocurrencies than to try to provide everyone with access to banking services. It’s an interesting experiment. Africa is a very large market. That’s why we’re here»

This year, Changping also said that he plans to create jobs for young people and attract investment in the blockchain industry of the country. To achieve this goal, the crypto exchange Binance already cooperates with two organizations engaged in the development of the region: Made in Africa and Msingi.

Also today, during the international forum UNCTAD, held in Geneva, the head of Binance announced that he will donate $ 500,000 for the development of Uganda through the Blockchain Charity Foundation.