Binance Uganda Is A Massive Success As It Gathers Over 40,000 Sign-Ups During Its First Week

There are a lot of people who take having a bank account for granted.

But it’s important to acknowledge that this does not happen all over the world.

For instance, it’s not true in the African continent. Business Insider detailed in a 2015 survey that more than 2 billion people across the whole world don’t have the ability to enjoy what it’s like having a bank account or access to a financial institution or mobile payment system.

Binance comes with a solution for Africa

Binance has recently revealed that they would set up a branch for their operations in Uganda.

The exchange’s move was seen as a fascinating one and also as a much-needed strategy for the development of the African crypto sector.

Now, the latest news is as exciting as possible because it seems that Binance Uganda managed to gain 40,000 new sign-ups and this, only in the very first week since its launch.

It looks like the Ugandans are on board with Binance’s quest to create a stable exchange in Africa.

Binance Uganda flaunts massive success in the first week since launching and the high number of sign-ups mirrors the strong demand across sub-Saharan Africa.

The platform opened its doors to the public last month, and it’s already gaining massive success.

Binance teamed up with local mobile payments provider

It’s also worth mentioning that Binance partnered with a local mobile payments provider, who remain unnamed due to security measures, to convert fiat-to-crypto and crypto-to-fiat options.

The co-trustee of African Digital Asset Framework, Marvin Coleby told CoinDesk:

“One of the major issues in the region, in the continent, right now is liquidity and Binance will bring us liquidity. These digital assets can move, borderless, around the continent.”

“Uganda is our pivot to reach out to other African markets,” Changpeng Zhao, Binance CEO also told CoinDesk.

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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