Binance announces the launch of its platform in Uganda

Binance announces the launch of its platform in Uganda

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Answer Binance announces the launch of its platform in Uganda

A platform for trading (cryptocurrency in exchange for cash) has now been launched in Uganda as the last investment of the hugely successful “Binance” trading platform in recent years, which is on the throne of the largest cryptocurrency trading platforms around the world.

As part of its broad commitment to promoting the use of blockchain in the service of charitable causes, the company’s CEO Changpeng Zhao announced that the new exchange platform will donate $500,000 to local charities through the company’s charitable wing.

Investing in major opportunities in Uganda and beyond

After announcing the prerequisites for starting full trading support last week, the Ugandan wing of digital asset trading platform Binance has fared well in an earlier promise to deliver the expected service.

Read:New Report: Only 13 Cryptocurrency Exchanges Have “Reliable” Trading Volume

The exchange will now allow citizens of the East African country to use their local currency, the “Uganda Shilling” to buy some of the assets offered by Binance’s trading platform. At the moment, the list appears to be limited to bitcoin and ether only.

Binance Uganda commented in a post on Medium, saying:

“We thank you all for your support and encouragement over the past few days. This is the first step in expanding cryptocurrency exchange markets for a more inclusive ecosystem that will include fiat currencies.”

The platform praised Uganda for its progressive stance towards technological and financial innovation from digital currency. Several conferences and meetings organized by a large number of crypto-pro-groups in the country, which are promoting technology both in Uganda and the broader side in African countries, have been mentioned.

Binance clearly sees the continent’s great potential to change the world in the years to come. Benjamin Ramo, director of research at the exchange, said earlier this year:

“The investment opportunity in Africa today is similar to the opportunities in Asia in the 1960s, before the economic booms of the region.”

Following this comparison, Binance Uganda stated that it is committed to exploring opportunities to promote blockchain in Africa as a way not only to increase investment on the continent but also to explore alternative monetary systems capable of addressing “the gaps in the existing systems in the region.”

Read:Hackers drain $24 million worth of DeFi protocol

Binance’s charitable activities

The post on Medium then focuses on the charity Binance and the work it does in Africa. The Blockchain Charitable Foundation (BCF) as it is known is headed by “Helen Hay” – who served as the ambassador of UNIDO (United Nations Industrial Development Organization) on the continent. Hay commented that blockchain could help her “lift and empower a billion people in this world.”

Read:OneCoin scam CEO faces jail time after failing to pay bail

Finally, as a symbol of his company’s commitment to Uganda and its desire to expand into the African continent, Zhao also announced today a large donation to local charitable activities. Speaking at the UNCTAD (United Nations Conference on Trade and Development) World Investment Forum in Geneva, the CEO stated that the company will provide $500 million through the Blockchain Charitable Foundation.

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