Binance is planning to use its market power to help Uganda in its future economic developments.
According to the founder and CEO of Binance Changpeng Zhao, he wishes to create new jobs for the people of Uganda but also to provide them with investment opportunities. He made the announcement on Twitter. He also declared that this is just the first step, and Binance will become in the future very active on the African market.
@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
The move comes after Binance started a partnership with Made in Africa and Msingi. Two organizations that are working on developing the economic infrastructure in the East African country.
Expect more news on Africa!
— CZ (@cz_binance) April 23, 2018
The founder of the cryptocurrency exchange disclosed that he is continuously interacting with the Ugandan blockchain community. Reportedly he has met with the representatives of the Blockchain Association of Uganda (BAU) to discuss a possible collaboration.
BAU declared that Binance had become an essential intermediary for blockchain partnerships. They also added that for the moment BAU is trying to make a plan that will help them “understand the landscape and grow our understanding of the market.”
“We want Zhao’s promised support and training for young entrepreneurs innovating with blockchain and advised them to focus on providing solutions to people that make their lives better,” said a spokesperson from BAU.
Binance has grown to become a billion-dollar company in just six months. This initiative could aid the African economies. Uganda is one of the poorest countries in the world, and multiple reports have disclosed that its government is among the most corrupted.
Many crypto and blockchain companies have started to contribute globally to promoting a future with stable economies. Ripple donated almost $30 million worth of XRP to a public school charity, while the Pineapple fund donated $5 million in bitcoin for researching a cure for chronic fatigue syndrome.