Binance Set to Launch Its First Crypto-Fiat Exchange in Uganda

Changpeng Zhao, the CEO and founder of Binance, said the company is about to launch a crypto-fiat exchange in Uganda.

The new platform, Binance Uganda, will be the company’s first foray into fiat-crypto trading - supporting the Ugandan Shilling, alongside major cryptocurrencies - and is set to launch imminently.

Zhao, better known in the crypto industry as ‘CZ,’ told that the move “shows Binance is not just into chasing the most developed markets”

Highlighting that Binance is interested in expanding to Africa’s market “in general,” CZ said work on the Uganda venture has been “progressing really fast,” thanks to strong support from government, regulators and the industry:

Binance Uganda will be an independent structure, but with “strong business corporation” with the existing platform. From a systems perspective, it will be a separate - but identical - installation of Binance’s existing code base, with the same operations, security and system

The company is also set to launch in 2 or 3 more locations in the short term and continues to work on a prototype for its decentralized exchange.

Binance is currently one of the largest cryptocurrency exchanges by daily trade volumes, seeing $789 million in trades in the 24 hours to press time, according to Coinmarketcap.

news source- cointelegraph