CHANGPENG Zhao the CEO of the popular exchange Binance has just announced on twitter that the company will be partnering with Crypto Savannah a African Blockchain Innovation Hub based in Uganda, Aggie Asiimwe Konde the CEO of Msingi and Helen Hai CEO of the Made in Africa foundation.
@binance will partner with @cryptosavannah @AggieKonde @HelenHaiyu 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.
— CZ (@cz_binance) April 22, 2018
Each organisation in its own way contributes and is actively pursuing the building of infrastructure and industry within Africa in order to support a currently thriving economy. Further announcements are to be expected as the scope and detail of this partnership is not yet known.
Expect more news on Africa!
— CZ (@cz_binance) April 23, 2018
This may not be the only news we are to see from Binance related to on-boarding African countries and it will be exiting to see what “embracing the 4th industrial revolution” will look like for Uganda. The importance of Cryptocurrency adoption within African nations cannot be understated the continent has struggled to build the appropriate infrastructure that would enable basic levels of banking.
Therefore 66% of Sub-Saharan Africans did not have access to a bank account in 2014. Or for many the small amount of money they do exchange on a daily basis is not worth the banks time. In Uganda 90% of the financial sector was made up of micro, small and medium entrepreneurs, exchanging small amounts of money for goods or services. It is easy to see how Cryptocurrency could thrive in such an economy and hopefully get to banking the unbanked.
On a side note Changpeng Zhao appears to have also revived the Ugandan meme bullish signs ?
— Matt Mathews (@CryptoDaddyMatt) April 22, 2018