40,000 sign up for Binance Uganda in first week alone

02 Nov, 2018
by David Borman
News
40,000 sign up for Binance Uganda in first week alone

It has been reported by Coindesk that Binance Uganda has seen massive adoption in its first week, signing up over 40,000 new users. This is likely driven in part by the fact that roughly 3/4 of Uganda's population is not currently banked.

As Chepicap recently covered, Binance Uganda has gone live with active trading. It seems the citizens of Uganda are embracing the ability to trade their native currency for Bitcoin and Ethereum, as it seems over 40,000 of them have signed up for Binance Uganda in just its first week.

It was recently reported in the American Economic Journal that 74% of Ugandans do not have a bank account. With the opening of Binance Uganda, many citizens now have access to money that can be sent digitally for the first time. Wei Zhou, Binance's chief financial officer, is quoted:

"They [users] just have to have money within the mobile payment system. They don't have to have bank accounts."

This is truly a great development for Uganda as well as crypto itself. Bringing digital payment options to those without banks is a large part of the promise crypto holds in the first place.

Stick with Chepicap for any and all developments on Binance Uganda!

Read more: Binance Uganda goes live with active trading

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