Cryptocurrency exchange Binance is making moves towards establishing an exchange point in Uganda, making it the first exchange of its kind to operate in the country. Whilst this doesn’t seem like headline news, it marks the start of a new era for Binance, who seem to be intent on expanding their operations on a global scale.
If anything, this is great news for cryptocurrency adoption.
Changpeng Zhao the CEO of Binance has spoken to Cointelegraph about the move, stating that:
“The move shows Binance is not just into chasing the most developed markets. 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.”
See more from Cointelegraph for yourself, here- https://cointelegraph.com/news/exclusive-binance-set-to-launch-its-first-crypto-fiat-exchange-in-uganda
This is indeed a very interesting move. With only 11% of the population having bank accounts, this could give an entirely new demographic of people access to a real form of banking and a chance to save and store finances. Developing countries can of course benefit from this technology as it is not only easy to apply, but, it is easy to use, providing the technology is available. Within this, we may even expect Binance Uganda to start to issue out mobile phones through which people may be able to interact with the Binance exchange. We have seen similar projects elsewhere across the continent, so this sort of project is indeed likely.
For now, Binance have disclosed that they intend to continue such operations in a few more countries within Africa. As one of the worlds biggest exchanges, this is only going to ensure that Binance is able to continue to grow. In doing so, Binance are helping developing areas access an essential resource, something that thus far traditional banking has failed to achieve.
This is a sentiment to the blockchain and cryptocurrency industry. Together, the blockchain will build a more democratic and inclusive world.