Binance has announced an official launch of its Uganda’s subsidiary that will allow users in the country to buy top cryptocurrencies using the countryis fiat currency. The exchange platform has gone live on October 24 after an announcement last week about the same.
Last week’s statement stated that Ugandan traders will enjoy free trading in the listed cryptocurrencies for a month until November 24 after which all trading will be subjected to a 0.1% trading fee. The exchange was conspicuously silent about this the free trading offer during the launch of the platform today.
Blockchain Charity Foundation (BCF)
Through the blockchain charity foundation, Binance pledged to donate $500,000 to Uganda. The move to set up shop in Uganda aligns with firm’s initiative to expand its coverage especially into the largely untapped African market.
Africa’s Cryptocurrency Ecosystem
Binance Uganda’s operation is a huge first step towards the company’s strategy to expand across Africa. Different African countries have expressed varied sentiments on cryptocurrency. Recently Zambia’s central government issued warnings to the citizens to tread cautiously when it comes to cryptocurrencies. The country does not have any legislations governing digital assets the reason it is letting its citizens know that they are on their own.
Kenya on the other hand is a potential market for cryptocurrency. One of the country’s top newspapers-the Star reported that the government is planning to deploy blockchain technology to manage over 500,000 house units in its flagship housing program. SureRemit is a cryptocurrency exchange platform operating in Kenya. The platform reportedly raised $7 million in ICOs.
South Africa’s cryptocurrency market is booming. Several exchange platforms have opened shop in the country but South Africans are trading mostly trading in Bitcoins and Ethereum. Egypt is another big market for cryptos. The country is currently enjoying favorable economic reforms and was recently ranked a month countries with the highest p2p bitcoin trading volumes.
Africa is proving to be the next biggest market for cryptocurrency. Despite the lack of regulations in the sector, more and more Africans are joining the cryptocurrency space which is obviously a good sign.