Binance Uganda Gains a Massive 40,000 Sign Ups in Opening Week

When Binance first announced they would be setting up operations in Uganda it was seen as an interesting and a much-needed move for the development of the African crypto sector.

According to an recent revelation, Binance Uganda has gained a massive 40,000 new sign-ups in the first week alone. It seems that Ugandans are well sold on Binance’s quest to create a stable exchange in Africa.

Impressive Binance Sign-Up Numbers

Most people take having a bank account for granted. This is not true across the African continent. Business Insider revealed in a 2015 survey that over 2 billion people across the world do not have a bank account or access to a financial institute or mobile payment system.

So the latest news that Binance Uganda has already achieved 40,000 new sign-ups in just the first week of opening shows you that the demand is there across sub-Saharan Africa. The platform opened its digital doors in mid-October and is already a roaring success.

Binance partnered with a local mobile payments provider, who remain unnamed due to security measures, to convert fiat-to-crypto and crypto-to-fiat options.

The co-trustee of African Digital Asset Framework, Marvin Coleby in neighboring Kenya told CoinDesk:

"One of the major issues in the region, in the continent, right now is liquidity and Binance will bring us liquidity. These digital assets can move, borderless, around the continent."

Binance Moving into Other Markets

In September, Binance CEO Changpeng Zhao talked about his plans to expand operations to five continents and to open “five to ten” crypto-to-fiat exchanges in the coming year.

Zhao discussed how the company has already opened new offices in Malta and Liechtenstein. He then revealed that the market-leading crypto exchange would be opening in Uganda, Singapore and other nations in the next 12-months.

Zhao also recently told CoinDesk that the new Binance Uganda operation would be searching for local staff to support the venture. There were also talks about expanding into other African nations such as Nigeria, Kenya, and South Africa. Zhao told the website that:

"Uganda is our pivot to reach out to other African markets.”

The news that Binance Uganda has already garnered 40,000 new sign-ups in such a short space of time is a sign that the African crypto sector is poised to explode.African crypto sector

Binance Rolls out Crypto Debit Card in Europe

Leading cryptocurrency exchange Binance has announced the official rollout of its cryptocurrency debit card, the Binance Card, in Europe and the United Kingdom (UK).

According to a press release shared with CryptoGlobe, the Binance Card will initially support four cryptoassets: bitcoin, Binance Coin (BNB), Binance’s stablecoin BUSD, and Swipe’s SXP token. It will allow users to convert and spend their BTC, BNB, SXP, and BUSD holdings at over 60 million merchants throughout the world.

The press release notes that while the majority of cryptocurrency cards are prepaid cards that require users to convert their crypto to fiat currency manually before topping up their cards and using them for transactions, the Binance Card will keep cryptoassets in their native form until a point-of-sale transaction occurs. Only then will it convert the crypto to fiat.

The Binance Card is powered by Swipe, a cryptocurrency debit card issuer Binance acquired earlier this year for an undisclosed sum. As part of the deal Binance and Swipe listed each other’s native tokens, with Binance adding Swipe’s SXP token to its trading pairs. Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority.

Commenting on the rollout, Binance CEO Changpeng Zhao noted that the exchange is furthering its mission “of making crypto more accessible to the masses,” and added:

Giving users the ability to convert and spend their crypto directly with merchants around the world, will make the crypto experience more seamless and applicable.

Users will be able to top up their Card Wallet’s directly from their Binance exchange wallet, and choose which cryptoasset they want to spend when making a transaction. Zhao hinted the Binance Card will be available in other regions in the future, and will be adding new features.

Binance users based in the European Economic Area (EEA) will be able to apply for a Binance Card in August, with the UK coming shortly after.

Featured image via Pixabay.