Cryptocurrency trading is coming to East Africa. An official statement indicates that Binance formally launches in Uganda after long months of waiting. Four months ago, Binance promised Ugandans that it would launch in July but later extended the date. Finally, the fiat-to-crypto exchange launched in October, with users beginning trades immediately.
According to Techjaja, a local technology news outlet, the crypto exchange will only offer trades in Bitcoin and Ethereum. Users will be able to exchange Ugandan shillings (UGX) with cryptocurrency when the market opens. Further details indicate the market opens everyday at 10:00 am East African Time (EAT).
Two trading pairs available as Binance formally launches in Uganda
The available trading pairs will the BTC/UGX and ETH/UGX. Further details regarding the possibility of additional pairs will be available as when they are ready, a statement reads. The services will go a long way in helping many Ugandans access opportunities for liquidity. Notably, majority of the Ugandan population exists out of the banking industry. Therefore, they have few opportunities for investments other than traditional savings models.
Further, the official statement reveals that new users will enjoy zero fee trading until the last week of November. Also, another incentive includes 0.5 Binance coin (BNB) reward for the first 20,000 users to register on the platform. Eligible users will receive their rewards within two days of official launch.
In a Medium blog post, Binance said that the exchange in Uganda presents great opportunities for the Binance community. The post claims that the exchange will advance the extension of the larger blockchain ecosystem into Africa.
“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. Key blockchain conferences, associations, and communities have flourished in this African nation, lighting the way for the continent to leverage blockchain technology,” the blog post reads in part.
As Binance formally launches in Uganda, it will also engage in charitable events through Binance Labs. The official tagline of Binance Labs in Uganda is to invest in Africa today for a prosperous tomorrow.