On June 28, Binance which is a Blockchain and Crypto Asset Exchange has announced its first ever fiat-crypto trading pair with Uganda shilling. The platform is all set to launch first fiat crypto exchange, Binance Uganda.
In an interview on June 28, the CEO of Binance, Changpeng told that the company will be launching a new crypt-fiat exchange called Binance Uganda. The new platform supports the Uganda shilling, region’s fiat currency along with all the major cryptocurrencies.
The world’s largest cryptocurrency exchange, Binance indicates that it not only focusing on the developed market but also at the evolving ones. According to Changpeng, Uganda has been rapidly progressing in its economy and it is also into African market.
Moreover, only 11% of Uganda’s adult population has bank accounts which seem to be both challenge and opportunity for Changpeng. The main intention of the company is to make a position in the market and make easy for people to use crypto assets instead of creating bank accounts.
The CEO of Binance,
“We think that crypto has a very strong use case in less developed countries… there’s more money to be made in a more developing country. But we want to distribute crypto to the rest of the world”.
Using Fiat Currency for the first time
The known fact that, Binance is using fiat currency for the first time consequently the exchange will now have lot of Know Your Customer (KYC) and Anti Money Laundering (AML) regulatory procedures, before it steps further.
Although, Binance Uganda will be an independent structure and identical but separate from the Binance crypto exchange. However, installation of Binance’s existing code base remains identical with its operations, security and system.
Binance Big Future
The Changpeng Zhao also spoke about the situation that he is not concerned about the price fluctuations or trading volume. He noted that, “markets always overreact” even though thing are on track or sometimes off track.
He believes that, when there is increase in total market cap ultimately the volatility will settle at right place. Therefore for the next upsurge, Binance is enhancing its systems to provide volume trade, up to 100 to 1000 times more.
“I don’t know when it’s going to happen, but we’ve got to be ready for it”.
Additionally, the company is also set to launch new subsidiaries in 2 or 3 more locations. And continues to work on a prototype for its decentralized exchange. However, the Binance exchanges stands on first position with market cap of $1,053,179,569.
Image Source: Binance