In an exclusive interview with Cointelegraph on Thursday was in 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. Also 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. Becaunse 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. It is due to the fact that this is the first time Binance will be dealing with fiat currency.
Solid business in Uganda
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. It is beacause it sees over $700 million in trades daily.
- Analysis & Opinion1 week ago
Cuba to Make Cryptocurrency- What Asian Countries May Have Their Own?
- News7 days ago
Shinhan Bank Plans To Stop Anonymous Crypto Users
- Analysis & Opinion5 days ago
Facebook’s Libra Token Has Chinese Analysts Worried
- Japan1 week ago
Bank Of Japan Governor: ‘I Am Afraid That Libra Will Ruin Small Banks’
- China7 days ago
Bitcoin Mining China: It’s not easy and Thieves have made it Harder
- Blockchain China News6 days ago
Asia’s Blockchain Shift
- Mining5 days ago
Iran Minister says Chinese Miners are coming to Iran as Central Bank says Trading Bitcoin is Illegal
- Ethereum News6 days ago
Ethereum (ETH) Scarcity: By 2021, Daily Emission May Drop 10X