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

Bakkt Launches CFTC-Regulated Bitcoin Options Contracts and Cash-Settled Futures

The Intercontinental Exchange’s (ICE) cryptocurrency venture, Bakkt, has launched Bitcoin options contracts and cash-settled futures contracts that use its physically-settled bitcoin contracts as a benchmark.

In a blog post published by Bakkt’s COO Adam White, Bakkt compared the Intercontinental Exchange’s Brent Crude Oil Futures, which it claims are “one of the most important contracts ICE would ever offer,” to its ambitions regarding bitcoin. The ICE has launched an umber of swaps, options, and futures contracts based on its crude oil product.

Adam White’s blog post reads:

By starting with the physically delivered Bakkt Bitcoin (USD) Monthly Futures, we have a benchmark contract which provides the foundation for us to develop complementary products based on the needs of our customers.

Bakkt’s initial trading volumes for its physical futures contract were rather low, but have been picking up lately with the monthly futures contracts trading over $120 million so far. Bakkt’s options contract is the first regulated by the U.S. Commodity Futures Trading Commission (CFTC) to hit the market, with one from the CME expected to be launched next month.

On the post Bakkt noted its monthly options contract will have no exposure to spot markets. Options are derivatives based on the value of an underlying asset that give the contract’s holder the option to buy or sell, depending on the type of contract they hold, the asset.

As CryptoGlobe reported, Malta-based crypto exchange OKEx has also announced it’s going to offer its traders options trading later this month on December 27, with a simulation starting on December 12.

It’s worth noting Bakkt is also looking to launch a crypto “consumer app” next year, with Starbucks being its first partner on it. The app will reportedly help its users buy goods and services using bitcoin.

Featured image via Unsplash.