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Binance Gets First African Director, Opens BTC/EUR, BTC/GBP Channel

The venture arm of the world’s largest cryptocurrency exchange, Binance, has selected its first African director, Yele Bademosi. Binance Labs, which invests in and incubates Blockchain and cryptocurrency entrepreneurs and their projects, says the move is an indication of their seriousness towards supporting entrepreneurs and projects in the African market. This is the second major effort by Binance in Africa after it opened an exchange in Uganda.

Though there have been talks of crypto and blockchain doing well in Africa than most other regions, Bademosi notes in a series of tweets that Africa is the world’s last frontier market and “is uniquely positioned to be an early adopter of Blockchain technologies and leapfrog current economic, political and financial systems” for a better future.

Focus on Africa
Bademosi, who says his personal mission has always been to accelerate Africa’s transition into a sustainable and developed economy by leveraging innovation, capital and policy, states:

“Across the world, there (have been) disillusionment and bewilderment about the state of the world; its current narratives, norms and systems are being questioned at their core because economic inequality and social immobility are at record highs. Whilst this feeling/state is new for most of the world, for African millennials this has been our reality since our formative years.”

Before joining Binance Labs, Yele was the founder of Microtraction, a top angel funds in Africa backed by investors like the CEO of Y Combinator, Michael Seibel. In the coming weeks, he is expected to share his thesis on blockchain and crypto for Africa in more detail to explain the company’s investment activities and focus plans for Africa. Nevertheless, it has been revealed that the thesis will focus on how to create trustless governance, economic and financial systems for Africa and how to enable capital formation and efficient capital markets.

Binance in Jersey
In a related development, Binance launched its British pound (GBP) and euro (EUR) fiat exchange on Wednesday Jan. 16. The new platform, which will operate from the self-governing dependency island of Jersey, will be the exchange’s first to bridge the crypto-fiat channel for trades in EUR and GBP for Bitcoin and Ethereum. It also indicates that the Chinese exchange’s ‘island’ strategy to extend its operations – having launched in Taiwan and Malta – seems to be playing out well.

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