Binance Uganda lists BNB/UGX and PAX/UGX pairs
In a recent announcement, cryptocurrency exchange Binance Uganda has said it will launch two new trading pairs on its platform – BNB/UGX and PAX/UGX – on November 15.
Binance Uganda Will Open Trading For BNB/UGX, PAX/UGX on 2018/11/15https://t.co/n9JuagRaM4 pic.twitter.com/zHDlOFEKQp
— BinanceUG (@BinanceUG) November 13, 2018
The announcement comes only a couple of weeks after trading went live on the Binance Uganda’s platform. This is Binance’s first fiat-to-crypto exchange that so far supports only BTC/UGX and ETH/UGX trades.
The platform will list Binance Coin [BNB] and Paxos Standard token [PAX] paired with the Ugandan shilling. The trading pairs are slated to go live from 10 am EAT.
Now, users can start depositing their BNB and PAX tokens to prepare for trading, which will be subject to the usual fees and rules of Binance.
Binance Uganda was launched last month even as Binance, the world’s top cryptocurrency exchange, set up shop in various countries. According to Changpeng Zhao, the company’s CEO, the expansion of the platform’s operations in Africa was driven by the fact that the continent has a large population base.
With a population of around 44 million, Uganda offers great prospects for blockchain adoption as local authorities strongly back the novel technology. The African nation has witnessed key blockchain conferences, associations and communities flourishing in recent days.
“Investing today in Africa could be the best trade of the century,” stated Binance Labs director Benjamin Rameau.
Moreover, Binance’s charity arm – Blockchain Charity Foundation (BCF) – considers the country as one of the areas it should focus more.
“With Binance Uganda’s entry in the continent, all the synergies possible with not just BCF but also the different units of Binance will be beneficial to the continent as a whole,” the company said in a Medium post.
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Author: Chandrakana Ray