Major international crypto exchange Binance opened its first fiat-to-crypto exchange in Uganda. The new branch officially started accepting deposits and withdrawals of Ugandan shillings (UGX) yesterday Wednesday, October 17, 2018.
Binance Uganda is the first fiat-crypto exchange launched by Binance, the largest cryptocurrency exchange by trade volume. Built on top of technology developed by Binance, the Uganda branch is capable of processing 1.4 million transactions per second and will feature 24/7 live customer support.
The exchange will initially support trading Ugandan Shillings (UGX) with Bitcoin (BTC) and Ethereum (ETH), with more trading pairs to be added. Users are exempt from trading fees during the first month.
“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, CFO at Binance.
“We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018. This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region.” he added.
With a population of over 44 million, Uganda has become a first-mover in blockchain adoption.
Binance’s CFO Wei Zhou says that company’s first fiat-to-crypto exchange in Uganda will help maintain sustainable economic stability in Africa, noting that the company plans to bring “more innovations to the region.”