Binance is one of the biggest trading platforms in the world. Even though it does not provide fiat currency trading as of right now, its position in the altcoin industry cannot be disputed. However, this company is about much more than just cryptocurrency. A new venture was recently announced in order to bring economic transformation to Uganda.

A Philanthropic Effort by Binance

It is of the utmost importance for cryptocurrency companies to make a positive impact on the world. Doing so often requires a unique approach which may not necessarily seem feasible at first. In the case of Binance, the firm has made a lot of headlines, mainly due to its efforts in the cryptocurrency world. However, it seems the firm is also looking beyond its own market to make a positive impact.

According to a recent tweet by the company’s CEO, the current goal is to partner with major organizations in Uganda. As most people are aware by now, Uganda is – along with other African nations – not in the best place when it comes to employment, technology, and innovation. Helping foster the next “industrial revolution” in those areas is a venture that’s well worth looking into.

For Binance, partnering with Crypto Savannah is an important step in that direction. Crypto Savannah is an African blockchain innovation hub which is making strides in bringing innovative technologies to African nations. Additionally, Binance is joining forces with Msingi East Africa CEO Aggie Asiimwe Konde and Made in Africa CEO Helen Hai. Together, they form a powerful collaboration which can certainly transform the economy in Uganda.

It seems the current plan of action is to focus on youth employment through blockchain initiatives. If they’re successful, Binance and its partners will create thousands of jobs throughout Uganda. How exactly that will be achieved remains unclear, though it is expected that these projects will bring more investment to Uganda.

It did not take long for scammers to take advantage of the Binance CEO’s tweet. One of the first replies told users to participate in an upcoming “giveaway” related to cryptocurrency, even though it had absolutely nothing to do with the announcement by the exchange. Such developments are nothing new in the cryptocurrency world, unfortunately, and it seems unlikely they will go away.

For the time being, we will have to wait and see how Binance plans to tackle this initiative. It is commendable to see cryptocurrency exchanges – which hold a prominent position in this industry – reach out to companies driving social change. The fact that Binance is the first to do so also shows how the company looks at the world. Whether or not other exchanges will follow its example remains to be determined.