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Binance partners with Ugandan blockchain organization to tackle economic problems

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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.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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