Binance, the world’s largest Cryptocurrency exchange launched in 2017 has entered the third world Continent, Africa, who is eager for growth and development.
Binance is a Chinese development invented by Changpeng Zhao. In just six months it has become one of the fastest growing cryptocurrency exchange. Binance shares its name with Cryptocoin called BNB. Binance is used as an exchange system for BNB. Unlike Bitcoin which is limited to 21 million, BNB allows 200 million coins to be created.
Speaking of exchange, how do a crypto exchange works? May be question. An exchange works in two ways; sell and buy. Hence, transactions are done between two parties that wants to sell a product and in exchange receive the price amount required from the buyer. Binance has a match-maker software for this exchange. The software detects the trading enablement. It also has high liquidity for exchange of different assets, except that of a fiat currency. Therefore, users must have cryptocurrency to start with Binance. The cryptocurrency exchange firm’s rapid growth also relies in its consistency of eight different languages, and the friendly transaction fee it charges.
It was on March 2018, Binance enters Malta, subsequently hitting crypto news. Malta then was enthusiastic in technological development, and planed to set up a“digital Innovation authority to certify Blockchain authority”. Likewise, it was just a few days ago, later August and early September, 2018, Africa celebrate Binance Crypto exchange intervention in their continent. Similar to Malta, Africa is vigorous and ardent towards the new technology.
Brief history of Africa and its development status:
Africa was under British colonization for many decades. Being in the shoes of the colonizers, and wearing “Black skin white mask” as Frantz Fanon writes, is a possible take over by the African after the colonization. In contradiction, many disgrace, shun loyalty, and reject being a White duplication. This resulted in the need to have a knowledge of their own; therefore, innovation and revolutionary ideas were always welcomed for growth and development. Though the continent grew into a great nation, there are, like every country, a drawbacks. Africa consists of people that have no access to the central government, and they are newly innovated towards technology.
An article published online on 3rd September 2018 by “ Bitcoin exchange Guide” describes clearly about how Africa was a target by Binance due to its financial instability with the center. Thus, enters Africa for profits alone. In a business world, this is a valid reason for Binance to enter Africa.
Binance Advantage for setting up in Africa:
In addition to the extensive population it holds, the African natives did not have a feasible connection with their banks and their central government. Therefore, Binance targeting this for profits, is inevitable. Cryptocurrency as a decentralized, unauthorized, secured, and personal, allow those that are not under the government to enter digital world with all possible privacy. The growing population (1,293,655,511 and counting) and the number of youth it consists does attract the business world, resulting in Africa being the supposed greatest investment place.
The business between Africa and Binance profit them both. They both agree to work for one another for technological development. Thus, friendship between the two might gain African economy by giving job opportunity to the youth, and the African governance might as well grow stronger and more reliable.