As per Changpeng Zhao, CEO and Founder of Binance, the leading crypto exchange is set to make inroads into the African nation of Uganda.
The new platform is aptly called “Binance Uganda” and it is the first time the company has forayed into the world of fiat-crypto trading— with the service currently supporting the Ugandan Shilling as well as other major alt-assets.
According to Zhao:
“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. Uganda [is 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.”
However, for this venture to be successful, the company will have to lay a lot of importance on KYC/AML regulations since many African nations are known to be hotbeds for money laundering activities.
Binance is currently one of the world’s largest exchanges by daily trade volume, with nearly $789 million passing through the platform on a daily basis.
With this latest move, the company has shown that a lot of untapped potential still lays dormant within the African region. Moving forward, this truly could be the start of something special.
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