In an exclusive interview with Cointelegraph on Thursday, June 28, the founder and CEO of Binance, Changpeng Zhao disclosed that his company is set to launch its first crypto-fiat exchange platform in Uganda. This will be the first Binance exchange platform that supports fiat to crypto trading and this platform will support a number of major cryptocurrencies as well as the Ugandan Shilling. Zhao disclosed that Binance is chasing underdeveloped markets as well as developed ones and the company is very interested in growing into Africa’s market.
This platform is set to launch soon and the venture has developed fast as a result of the solid support of the Ugandan government and regulators. Zhao disclosed that this venture will be a challenge as only a handful of the population have bank accounts but he sees it also as an opportunity. This Binance venture will have to figure out a number of regulations to avoid money laundering due to the fact that this is the first time Binance will be dealing with fiat currency.
Binance Uganda will have a solid business with the current platform but it will be an independent platform. It will have an identical code base, operations, security, t system but it will all be independent of the existing Binance structure. He stated that once the industry’s total market cap increases, the volatility will settle. He recommended that the launching of more channels for fiat exchange will aid growth. Binance is also improving on its systems to increase its support volume in preparation for the next uproar which has no definite time stamp.
Binance is set to launch more locations soon and they have been working in a decentralized exchange prototype. Coinmarketcap describes Binance as one of the biggest cryptocurrency exchange platform as it sees over $700 million in trades daily.