In a bid to create employment and improve the Ugandan economy, Binance the world’s largest crypto exchange platform has partnered with Ugandan blockchain technology startup, Crypto Savannah.
News of the partnership hit the public through a tweet from Binance CEO Zhao Changpeng, after a meeting between the CEO and the Ugandan blockchain Association. Mr. Zhao tweeted
“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.”
According to Coinmarketcap, Binance is a large company with a daily trading volume of USD 2 billion and this new partnership with Crypto Savannah will be a major boost to the developing country. Blockchain is a new technology which will not only create jobs but also empower Ugandan youths. Uganda is among the countries with the lowest GDP per capita of less than USD 2000. As Binance partners with local startups, it also aims to attract investors.
The partnership also involves two other companies in East Africa spearheading development. These companies are Made in Africa Initiative and Msingi East Africa. Both of the company’s primary focus is to transform the region through economic development and empower the locals.Additionally,the partnership with Binance will also transform the financial sector. Blockchain will enable a lot of Ugandans to get access to banking services. It will also elevate Ugandan to the leading front when it comes to blockchain technology in Africa.
Current state of blockchain technology in Uganda
Blockchain technology is a relatively new technology to a lot of people in Uganda. The Blockchain Association of Uganda has done a great job in educating the locals. The association organizes events and conferences which help in education locals on blockchain technology. This partnership has come at a great time with Uganda about to host Africa’s largest blockchain conference. The conference will be held on May 23rd and 24th in Kampala. World leaders in business, policy, and academia will be present to discuss the role of blockchain technology in transforming Africa.
Binance is a large company which is expanding to the other parts of the world. It recently announced that it will expand to Malta. The new partnership in Uganda will kick-start its presences in Africa’s blockchain industr