The world's largest cryptocurrency exchange (by market capitalization) has plans to help boost Uganda's economy and create thousands of jobs for young people. Changpeng Zhao, Binance founder and CEO, is currently in the African country, where he is working with the local Blockchain community to explore opportunities for collaboration, including an open meeting with the Blockchain Association of Uganda (BAU).
Zhao has stated that his company is working on plans to "support Uganda's economic transformation and youth employment through Blockchain, embracing the fourth industrial revolution." The exchange ensures that the alliance "will create thousands of jobs" and "bring investments to Uganda."
Zhao's meeting with the BAU comes before his conference in Africa, which is scheduled for the end of May. The association also has important innovative figures in the development of Africa, including Aggie Konde, executive director of Msingi East Africa, and Helen Hai, executive director of Made in Africa Initiative.
"Binance is making associations according to the environment," said the BAU. On the other hand, Binance stated that "we want to understand the landscape and increase our understanding of the market".
It should be noted that the Blockchain Association of Uganda is a non-profit advocacy group. Its objectives are to promote Blockchain-based technologies in the country, organize events, support technology-related projects and represent the country internationally.
On the other hand, a large number of people, in many regions of Africa, do not have access to banks, and more than 30 million Africans work abroad to send money to their homes. Because of this, Blockchain-based technologies that allow people to connect with alternative financial options will find massive adoption on the continent if implemented properly. In addition, due to the decentralized nature of Blockchain, they can be used to prevent fraud and corruption, something that many African economies and governments have fought for decades.