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Binance Uganda; A Quick look at the Exchange’s Progress so far

Binance, the world’s largest and most valued cryptocurrency exchange, has been making big moves from time past and last year, the exchange made it clear that it will not be slowing down anytime soon. With more than 100 coins/tokens, including Bitcoin and Ethereum, listed on the exchange and tons of traders trooping to Binance for trading activities, it springs no surprises why the exchange is establishing new branches and offices outside its headquarters in more than two counties, including Hong Kong. As Binance continues to stretch its services with its newest new fiat-to-crypto exchange in Jersey, it will be important to note that the exchange had previously launched a fiat-to-crypto branch in Uganda. Interestingly, the exchange was welcomed with a high acceptance rate as Ugandans quickly patronized the BinanceUG service. However, a month later, the BinanceUG hype has dyed down, leaving speculations that the exchange may not be Uganda’s top choice after all. So, what exactly is going on with the only cryptocurrency exchange in Uganda? BinanceUG has secured over 40,000 Ugandans In the aspect to acceptance, BinanceUG garnered a total of 40,000 users between October and November. It was reported that more than 70% of Ugandans were without bank accounts. Using this pattern, if users are still showing interest in the exchange, which should most likely be the case, the figures can be estimated to have now landed between 60,000 to 80,000. At present, the Binance Uganda twitter page is no longer up and running, for reasons undisciplined. However, the last major move made by the exchange was its listing of BnB and Paxos token alongside BTC and Ether. Following that, Binance also made a strategic move, one that was not only valuable for Ugandans but for exchange as well, as it donated the sum of $54,000 in BnB to the Ugandan landslides victim, all of whom will also receive free virtual asset wallet for cryptocurrency storage. The post Binance Uganda; A Quick look at the Exchange’s Progress so far appeared first on ZyCrypto.
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Binance Uganda lists BNB/UGX and PAX/UGX for Trading

Binance Uganda is just a few weeks old, but its founders have made it clear that its infancy is not a yardstick to measure effective growth. The crypto-fiat exchange is set to list two new tokens namely; BNB and PAX token, enabling traders to expand their horizon. This will increase the possibility of bullish trends for both altcoins, especially BNB, the family token for Binance itself. In a blogpost on the BinanceUG website, the announcement read thus ; “Binance Uganda will open trading for BNB/UGX and PAX/UGX trading pairs at 2018/11/15 10:00 AM (EAT). Users can now start depositing BNB and PAX in preparation for trading” – Binance Uganda. Transaction methods have also been displayed ahead of these listings. The minimum withdrawal for Binance coin will be 0.5 BNB with a transaction fee of 0.1 BNB, while the transaction fee for 1 Paxos standard token (PAX) goes for 1.3 Pax. Prior to these listings, BinanceUG was limited to BTC/UGX and ETH/UGX trading pairs upon its inception, which was well received by Ugandan traders. With over 70% of Ugandan citizens unbanked, Binance Uganda has successfully registered over 40,000 users in just weeks of its arrival. BNB, the world’s 14th largest cryptocurrency according to data from coinmarketcap, with a trading price of $9.18 is also facing the bearish market crisis. The new listings are expected to boost trading volume, but this is yet to occur as market losses are slowly piling up. Bnb opened at $9.37 as of yesterday and hit a not-so-impressive daily high of $9.47 after which it fell to $9.19 and closed at $9.25. The token had initially broken the $9 resistance level in early October to sit at $10.44, nearly hitting another milestone until October 18th when the bearish market kicked in. With a trading volume of $12.12 million, USDT traders have continued to boost trading volume despite losses of 1.57% today. The post Binance Uganda lists BNB/UGX and PAX/UGX for Trading appeared first on ZyCrypto.
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Binance Uganda Begins with BNB/UGX and PAX/UGX Token Trading Pairs

Binance Uganda, the Ugandan version of the world crypto exchange in the world, has recently announced that it would open two new trading pairs in November 15. The pairs will be available from 10 am (EAT) onward and will be Binance Coins vs fiat (BNB/UGX) and Paxos Standard tokens vs fiat (PAX/UGX). Binance Uganda Will Open Trading For BNB/UGX, PAX/UGX on 2018/11/15https://t.co/n9JuagRaM4 pic.twitter.com/zHDlOFEKQp — BinanceUG (@BinanceUG) November 13, 2018 According to the post, users will now be able to start depositing BNB and PAX tokens to prepare for trading. The trading will use the normal Binance fees and rules. About Binance Uganda Binance Uganda is the national version of Binance in Uganda, as you might have guessed by its name. This new section of the company was started in 2018 mainly due to the needs of Ugandan crypto users to have UGX trading pairs in their countries. This version of Binance is still largely less developed than the international version of the company but it is useful for users who need to trade using their national fiat cash. Binance Tokens are the official tokens from Binance that can be used to get discounts on the fees while trading and Paxos Standard Tokens (PAX) are stablecoins that are were recently launched.
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Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 Users

Devere Group has announced the launch of a digital asset fund and Binance Uganda claims to have onboarded 40,000 users during its first week of operating. In other news, Grayscale’s quarterly report has estimated that 70 percent of the investments it received during Q3 came from institutions. Also Read: Regulations Roundup: Ebang IPO Challenged by Probe, Plattsburgh Passes Mining Guidelines Devere Launches Digital Asset Hedge Funds UK-based financial consultancy Devere Group recently launched Devere Digital Asset Funds in partnership with Dubai-based Dalma Capital Management Ltd. Nigel Green, the founder and chief executive officer of Devere Group, described cryptocurrencies as “now undeniably” comprising a “part of mainstream finance,” adding that mass adoption is “on the horizon.” Green stated that the Devere fund will invest in a “diversified portfolio of digital assets via algorithmic trading” on cryptocurrency exchange and over-the-counter markets, adding that Devere will seek to take advantage of arbitrage opportunities present across multiple cryptocurrency trading platforms. Zachary Cefaratti, the chief executive officer of Dalma Capital, stated: “Crypto Asset Markets abound with durable inefficiencies – creating opportunities … that we have not seen in conventional markets for decades.” Cefaratti added: “Arbitrage opportunities abound – the prices of the top 25 crypto assets vary across over 400 liquidity venues.” Binance Uganda Claims to Have Signed Up 40,000 Users in First Week Binance has claimed that its Ugandan subsidiary has signed up 40,000 users since launching one week ago, Coindesk reports. Recent estimates suggest that only 26 percent of Ugandan households have access to basic financial services. Wei Zhou, the chief financial officer of Binance, indicated that the company will soon expand into Kenya, Nigeria, or South Africa next, stating: “Uganda is our pivot to reach out to other African markets.” Grayscale Reports 70% of Investments Came From Institutions According to Grayscale Investments’ report for the third quarter of 2018, the company saw a total of $329.5 million invested into its products during the year, 59 percent of which came from “institutional investors.” It is estimated that Grayscale takes in an average of $8.4 million each week, $5.5 million of which is invested into the Bitcoin Investment Trust. The report states that 70 percent of funds invested into the company came from institutional investors, with Grayscale receiving an average of $6.2 million each week during Q3, $4.5 million of which went into the Bitcoin Investment Trust. Grayscale saw a total of $81.1 million invested in its products during Q3. Despite the increased share of institutional investment seen during the third quarter, the report notes that “the dollar-value invested [by institutions] was lower than in the two previous quarters.” Do you think that more mainstream financial institutions will soon launch cryptocurrency funds? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Devere Group. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 Users appeared first on Bitcoin News.
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Binance Uganda Sees 40,000 Accounts Opened in First Week

Binance’s foray into Uganda has gotten off to a raging start, with over 40,000 accounts opened in the first week of operations, suggesting pent-up demand for crypto in Africa. Also significant is the fact that Binance Uganda is the exchange’s first fiat-enabled trading platform. Also read: Russia Creates Arbitration Body for Cryptocurrency Disputes Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts Binance Uganda an Opportunity for the Exchange and Africa Alike The announcement that Binance would open an exchange in Uganda was particularly significant for one feature: the ability for users to convert fiat to crypto. Binance, like most exchanges, has been a crypto-only exchange. In fact, the parent company in Malta remains a ring-fenced crypto exchange, making the Uganda operation a big step forward in terms of development. Binance announced the exchange’s formal opening on October 24th, 2018: #Binance Uganda trading is now online with ZERO trading fees for one month! For more info checkout the article https://t.co/yH249IRBiw pic.twitter.com/Aukne1LdEp — BinanceUG (@BinanceUG) October 24, 2018 The company announced the news of a Ugandan branch at the end of June, inviting registrations immediately. In its first week of operations, it has opened around 40,000 accounts. The platform has started offering trading between the local currency — Ugandan Shillings (UGX) — and bitcoin and ether. Early bird registrants will be given a 0.5 BNB bonus, and trading is free for the first month. African Expansion Ambitions While Binance Uganda is open for anyone in the world, the exchange clearly has ambitions to establish a presence on the African continent. According to a recent study published in the American Economic Journal, almost half of all adults in the developing world do not have bank accounts. The study also reports less than one-third of every Ugandan household maintains a bank account — giving crypto a huge use case value in the region. Binance believes blockchain has the potential to address the problem of restricted banking access in the developing world. Per the company’s Medium post: “Developed economies see blockchain as one of many financial systems to adapt and integrate. In contrast, emerging economies like the ones in Africa will see the technology as a potential backbone for an entirely new financial system that will address the gaps in the region’s existing systems.” The opening of trading on Binance Uganda comes within a week of the company receiving an investment from Vertex Ventures, the venture capital arm of state-owned Temasek Holdings. The funding from Vertex will allow Binance to operate a platform for the exchange of Singaporean dollars to cryptocurrencies in the southeast Asian city-state. Sound off below. Is Binance’s moves into fiat-enabled exchanges a sign of the industry maturing? Images via Pixabay The post Binance Uganda Sees 40,000 Accounts Opened in First Week appeared first on Bitsonline.
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Binance Uganda Exchange’s Opening Week Sees Over 40,000 Crypto Users Register

African countries have a large population of unbanked people which makes it a perfect breeding ground for crypto ecosystems to flourish. has been demonstrated in Uganda through Binance. On October 17, 10 am EAT (Uganda Time) Binance released their platform in the country. First available pairs were BTC/UGX and ETH/UGX with more trading pairs launching soon. It was part of a larger effort from Binance to open several localized exchanges around the world. Get ready! We are excited to announce the launch of #Binance Uganda! Full sign-ups are now live at https://t.co/hzLBj9Dcrw, deposits and trading coming soon.https://t.co/kpqSVKulox pic.twitter.com/0jdE4cVspI — BinanceUG (@BinanceUG) October 15, 2018 Now, there are reports that just in a week of operations, Binance Uganda has onboard 40,000 people on their platform. Close to 74% of Ugandan people are unbanked and are looking for alternatives. Binance wants to provide them with one. Another problem the country faces is liquidity which crypto assets can provide. Also, they are borderless and easy to move around the world. Although Binance only offers crypto-to-crypto exchanges, they are partnering with local mobile service providers for fiat to crypto exchange and vice-versa. Before Binance made its debut in the country, Ugandans had to depend on P2P exchanges like LocalBitcoins. Binance is taking their operations in Uganda seriously. In fact, their CEO Zhao has assured that they are looking to hire local talents for operations in the country. They even plan to expand to Kenya, Nigeria and South Africa by next year. Another factor that is increasing the demand for bitcoin in Uganda is Remittance. In 2014, it was reported that close to 10% of people in the country got remittance from Kenya, while some got it from European countries. However, these processes are slow and expensive. Unemployment outside the agricultural sector is also another factor driving crypto adoption. It has been reported that 15% of people under 30 are unemployed, while almost half the working population holds temporary jobs. Even though the adoption of Binance has been swift, it still doesn’t all the financial problems of the country. The country has yet to adopt online tools and do not trust systems which don’t provide face-to-face interactions. Government and regulatory support also remain uncertain.
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Price Analysis 15/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 15/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX Fundstrat’s Tom Lee believes that cryptocurrencies “are network value assets” and as the number of people who hold the asset increases, the value of the cryptocurrencies would also move up. According to him, about half a million people use and own Bitcoin […] Cet article Price Analysis 15/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX est apparu en premier sur Bitcoin Central.
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