Binance, one of the world’s largest cryptocurrency exchanges, has launched Binance Uganda, thus stepping in the oldest continent in the world.
Africa has long been discussed as one of the “yet-to-be-explored” crypto heavens. Now, Binance is taking the cryptocurrency game in Africa to the next level by focusing on fiat to cryptocurrency trading services for local users. Binance Uganda is now live and running.
The slogan that Binance Uganda is using is “Exchange the World”. The platform was officially launched on June 28th, 2018. It allows users to trade their Ugandan Shillings with both Ethereum and Bitcoin.
As reported by Koinalert, Binance chose Uganda as its next market expansion because of a very particular reason:
“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.”
The other big competitive advantage that Binance has created in Africa is not only offering the first fiat to cryptocurrency trading service, but also offering a supreme trading fee of 0.1, which will be activated only after a one month of zero-fee trading services.
Binance has made certain strategic moves that have enabled the company to expand its geographical presence immensely. While the cryptocurrency exchange is Chinese, it has entered strategic markets such as Japan and Africa, especially after the Chinese “shutdown” of cryptocurrencies last year.