Benjamin Rameau, Binance Labs Director, stated that Binance, one of the world’s leading cryptocurrency exchange platform, plans on expanding its operations in Africa. The first episode of the company’s expansion on the African continent began in June when Binance opened the first fiat-crypto exchange with trading pairs with the Ugandan Shilling.
Africa is the future for the cryptocurrency
On his Medium blog page, Rameau said that Binance believes that Africa is the future for the cryptocurrency, among others. Comparing it with Asia, Rameau thinks that, as Asia managed to grow economically, as well as regarding services, Africa might follow the same lines in the by the end of the 21st century.
From the Binance perspective, Africa has the potential for significant growth. Even more, hundreds of millions of young and technology-receptive Africans would turn to cryptocurrency as their first experience of a structured financial system, as Rumeau stated.
If he is right, that would be huge for cryptocurrency adoption and usability, not only on the African continent but also globally.
Binance plans on expanding its operations in Africa
Binance also thinks Africa shows excellent potential for cryptocurrency exchange platforms because it’s a vast market with over one billion people who lack variety when it comes to intra-regional trading. In fact, paradoxically, for an African country is much straightforward and cheaper to trade with Europe, for example, than to a neighbor state.
Additionally, Benjamin Rameau thinks that young Africans will widely adopt cryptocurrencies over the poorly-developed national fiat currencies. As an example, there is Zimbabwe which managed to overcome high inflation with cryptocurrency.
According to Rameau, Binance doesn’t want to be left out of this growth predicted for Africa. Thus, logically, Binance, one of the most popular cryptocurrency exchange platforms in the world, plans on expanding its operations in Africa.