Binance Uganda has launched live trading, just a week after enabling preperatory steps like deposits, withdrawal, and user verification. This is a first step into expanding the cryptocurrency exchange markets for a more inclusive ecosystem that will involve fiat currencies.
A fiat-to-cryptocurrency exchange in Uganda presents great opportunities for the Binance community, and the broader blockchain ecosystem by extension. 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. Key blockchain conferences, associations, and communities have flourished in the African nation, lighting the way for the continent to leverage blockchain technology.
“Investing today in Africa could be the best trade of the century,” said Binance Labs Director Benjamin Rameau in August. Indeed, the investment opportunity in Africa today is similar to that of Asia in the 1960s, before the region’s economic miracles emerged. And this is an opportunity that Binance Labs is willing and capable to take, as blockchain startups emerge in Africa and Binance Uganda encourages increased global adoption of crypto.
Developed economies see blockchain as one of many financial systems to adapt and integrate. In contrast, emerging economies like the ones in Africa will see the technology as a potential backbone for an entirely new financial system that will address the gaps in the region’s existing systems.
Using blockchain for social good in Africa
Beyond supporting Africa’s cryptocurrency and blockchain needs, from education to investment, Binance is also committed to bringing forth development even to those who may not be inclined to buy Bitcoin. And for the Blockchain Charity Foundation (BCF), their charity arm, the continent is an important area of focus. Head of BCF, Helen Hai, is recognized for her work in the continent as a UNIDO Goodwill Ambassador for Industrialization in Africa.
Helen has created jobs and campaigned for economic growth and resilience in Africa as the leader of the Made in Africa Initiative for the past five years. With BCF, she is advocating for blockchain as the game-changing technology that will ensure that donations get to those in need more directly.
“I believe my purpose is to empower the bottom billion people in this world,” said Helen, who added that Africa is where the blockchain-powered charity solution will pilot. With Binance Uganda’s entry in the continent, all the synergies possible with not just BCF but also the different units of Binance will be beneficial to the continent as a whole.”