Binance announced on their official website about the first fiat crypto exchange, ‘Binance Uganda’. This enables retail and corporate investors to exchange Ugandan currency for cryptocurrencies. Binance expanded their services in an effort to spread cryptocurrency in remote regions and increase the audience of investors.
Uganda is officially known as ‘Republic of Uganda’. It is a landlocked country in the east of Africa. The country has been experiencing consistent economic growth since 2014 and Binance is now helping its development.
From today, the registrations for Binance Uganda are open. The first 20,000 users to register on www.binance.co.ug have been entitled to be rewarded with 0.5 BNB, Binance’s native token. BNB runs locally on the Ethereum blockchain and takes after the ERC20 token standard. The coin is currently traded at the price of $14.05.
Binance, on their website, said:
“As appreciation for the ongoing support from our users, we will provide Binance Uganda users with a month of zero trading fees once trading comes online. The opening of trading will be announced at a later time.”
Binance declared that the total pool of rewards for the promotion is strictly limited to 10,000 BNB, and will be distributed on a first come first served basis only.
Philip Arthur Moore, a Twitter user commented on Binance’s announcement saying:
“The future is bright for you. Congratulations! Proud of what you’re doing for the space”
CZ, The co-founder of Binance, on Twitter said:
“First fiat exchange for #Binance. Not about profits, but about spreading crypto. //www.binance.co.ug”
The initiative of launching the first fiat exchange for Binance in Uganda is to spread crypto-word around the world. The exchange has focused not on the profits but on the aim of introducing cryptocurrency to lesser-known regions.
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