Binance has just unveiled its first fiat-to-crypto exchange. Binance Uganda is designed to pair crypto with the Ugandan shilling.
The site is accepting new registrations now, although there is no date on exactly when trading will launch on the platform. Binance says the first 20,000 users to sign up will get 0.5 Binance coins (BNB) as a thanks for their support. One BNB is worth approximately $14.00.
Binance founder and CEO Changpeng Zhao told Cointelegraph the new exchange has received a lot of support from the country’s regulators.
“Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment – Africa’s a big market, that’s why we’re there.”
Binance also plans to launch a fiat-to-crypto trading exchange in the Mediterranean island nation of Malta. That platform will use the euro for its trading pairs. The company also hopes to offer similar services in Asia.
As for the original Binance exchange, the platform added Nebulas (NAS) to its list of coins today, pairing it with Bitcoin, Ethereum and Binance Coin.
The exchange added SelfKey on Tuesday, paired with Bitcoin and Ethereum.