Binance partners with Ugandan blockchain organization to tackle economic problems

According to a tweet from Binance CEO Changpeng Zhao April 22, the world leading cryptocurrency exchange platform Binance has recently entered into a partnership agreement with Crypto Savannah, a Ugandan Blockchain organization to support the economic development of the East African country.

Changpeng Zhao noted in his tweet that the partnership will support “economic transformation” by creating employment opportunities as well as pulling investment to Uganda, which is deemed one of the poorest nations in the world at a GDP per capita of about $2,000.

Binance is now the second top cryptocurrency exchange service in the world with an average daily trading volume of $2.19 billion, according to data supplied by CoinmarketCap. Hong Kong-based Binance announced its plans open an office in Malta in March, after a warning from Japanese financial watchdog.

As reported by Finance Magnates, the African continent is a promising location for Blockchain businesses in the financial sector. A significant portion of the population on the continent does not have access to banks, and over 30 million Africans work abroad to send money home, so technology that lets people connect with a financial system may find mass approval there.

East Africa-based charity GiveDirectly reportedly got $1 million from decentralized payment network OmiseGO and Ethereum cofounder Vitalik Buterin to help an experimental project giving 12,000 grants to families in Uganda.