Binance is ready to launch its first crypto-fiat platform
After four months of preparation, Binance announced that it is ready to launch its first exchange with fiat-to-crypto trading pairs in Uganda..
According to the information on the project’s website, the platform already allows users to send documents for verification, and on Wednesday it will start accepting deposits in Ugandan shillings, bitcoins and Ethereum. The number of supported cryptocurrencies is expected to be expanded in the future. Binance CEO wrote on Twitter that trading on the platform should start in approximately 2 weeks..
Binance CFO Wei Zhou called the launch of the fiat-to-crypto exchange “innovation” and an important step in his company’s path to using blockchain technology “to support sustainable economic development in Africa.”.
Binance has previously taken a number of measures to improve economic conditions in the region. Thus, the exchange partnered with several local non-profit organizations to support the development of African entrepreneurship..
In mid-September, it became known that Binance was starting a closed beta testing of a crypto exchange in Singapore, which would also support fiat. Binance and the Liechtenstein Crypto-Asset Exchange (LCX) jointly announced the creation of a new crypto-fiat platform in Liechtenstein called Binance LCX in August..
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