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The CEO of Binance Changpeng Zhao believes that Africa carries the massive potential for cryptocurrencies and a lot of it is lying untapped. CZ was asked about Africa in a ‘ask me anything’ session held on zoom and addressed important topics regarding the continent.
The world largest exchange by trade volume choose Uganda as the first African country to plant its opening satellite platform and is looking to now increase the number. Binance made its way to Uganda in 2018.
The platform then launched trading support in Nigeria and South Africa is the latest name on the list. It allows fiat deposit with South African currency Rands. Explaining further on Binance development in Africa, Changpeng Zhao stated that he made a tour in the continent different countries to get a better idea of the market and found out the Binance users in the country are active. It was then that he decided to go ahead and open a trading platform in Uganda, Binance Uganda.
Over the period the company has deepened its root in the country by opening various branches everywhere and CZ believes that while the cryptocurrencies in the country are doing well, Africa needs more crypto exchange. He added that he feels they’re doing well but on a lower scale and he is not sure how sustainable it is in the long run.
Changpeng Zhao Also Highlighted The Key Areas to Address
CZ also highlighted the key problems in the continent and stressed that the network coverage in many areas is extremely poor and lack of good exchanges make it difficult to buy cryptocurrencies. The Binance CEO added that they’re looking to address that situation. He also added that working with banks could be tedious as the services aren’t good and at times, even a basic service such as verifying users could be a troublesome task.
Binance has lately been successful in most of the strategies and it seems like it’d be the same in tapping the crypto potential of Africa too.
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