Binance is expanding its services to Uganda. The cryptocurrency exchange will soon release its first crypto-fiat trading platform in the African country, announced the CEO.
Changpeng Zhao announced on 28th June in an interview with Cointelegrpah that is set to launch the new cryptocurrency exchange in Uganda. Binance Uganda will be the first interaction of the company with fiat-crypto trading.
Zhao, also known in the crypto sector as ‘CZ,’ told Cointelegraph that the move “shows Binance is not just into chasing the most developed markets”, adding that:“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.”
CEO of Binance said he was really interested in the African market, as it has been progressing with fast steps due to the government support:
“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,” noted CEO.
This will be “the first time Binance has touched fiat“. Even so, the company will take into account the KYC – Know Your Customers and AML-Anti Money Laundering standards, CEO reported.
The subsidiary will operate in an independent organizational form but with a “strong business corporation” with the main company. Both platforms will be based on the same principles.
Changpeng Zhao believes that “markets always overreact” whether things are going well or not. He is disappointed with the company’s recent records as its traded volumes dropped significantly. However, Zhao hopes that issues related to the volatility of cryptocurrencies will be resolved once the total supply of the industry will grow.
To prepare in advance for “the next uptick,” the cryptocurrency exchange aims to increase the volume by 100 or 1000 times more than it does now- “I don’t know when it’s going to happen, but we’ve got to be ready for it,” claimed Zhao. Binance also wants to expand into two other locations in the near future.
According to CoinMarketCap, Binance is ranked 2nd by its 24-hour traded volume- $846,577,392.