Crypto News

Binance and Ugandan blockchain startup partnership

Binance and Ugandan blockchain startup partnership

Zhao Changpeng, Binance CEO, and the Blockchain Association of Uganda has culminated into something that will benefit the whole of Uganda. Mr. Zhao, through a tweet, confirmed that Binance and Ugandan blockchain startup, Crypto Savannah will partner to improve the economy of the country which will see increased job openings in a country that has high poverty levels. The Binance CEO said: “Binance will partner with Crypto Savannah to support Uganda’s economic transformation and youth employment through blockchain, embracing the 4th industrial revolution. We will do this by creating thousands of jobs and bringing investments to Uganda.” With a daily trading volume of 2 billion, according to coinmarketcap, Binance is the largest cryptocurrency exchange in the world. Blockchain technology has been represented in Africa by blockchain hubs in Zimbabwe, South Africa, and Kenya. Ugandan Blockchain Association is keen on being on the front line in representing African when it comes to blockchain technology. Additionally, the association is educating people in Uganda about the groundbreaking technology. The education is being done by supporting blockchain projects and converging people into blockchain themed events. Uganda has a pollution of 42 million and although it has a wealth of natural resources, it has not been able to exploit them fully. With a good number of Ugandans living abroad, as is the case with other African countries, the blockchain technology will help in money remittance. In the case of Uganda, According to statistics from the World Bank, in 2016, Ugandans living abroad sent in excess of 1 billion USD back to Uganda. Apart from Crypto Savannah, the partnership involves Msingi East Africa, an organization that aims at developing lasting prosperity in East Africa through industrialization, and Made in Africa Initiative, an initiative that focusses on industrialization in the African continent. Both of whose CEOs have been mentioned in the tweet by Changpeng. Africa could have a bigger adoption of blockchain solutions, especially in the financial sector considering a sizeable number of its residents don’t have access to banks. This calls for products that will enable them to send and receive money securely. Should we see more partnerships like this one of Binance and Ugandan blockchain startup continue throughout Africa alleviate poverty and create jobs?  

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles