Binance Uganda is just a few weeks old, but its founders have made it clear that its infancy is not a yardstick to measure effective growth. The crypto-fiat exchange is set to list two new tokens namely; BNB and PAX token, enabling traders to expand their horizon. This will increase the possibility of bullish trends for both altcoins, especially BNB, the family token for Binance itself.
In a blogpost on the BinanceUG website, the announcement read thus ;
“Binance Uganda will open trading for BNB/UGX and PAX/UGX trading pairs at 2018/11/15 10:00 AM (EAT). Users can now start depositing BNB and PAX in preparation for trading” – Binance Uganda.
Transaction methods have also been displayed ahead of these listings. The minimum withdrawal for Binance coin will be 0.5 BNB with a transaction fee of 0.1 BNB, while the transaction fee for 1 Paxos standard token (PAX) goes for 1.3 Pax.
Prior to these listings, BinanceUG was limited to BTC/UGX and ETH/UGX trading pairs upon its inception, which was well received by Ugandan traders. With over 70% of Ugandan citizens unbanked, Binance Uganda has successfully registered over 40,000 users in just weeks of its arrival.
BNB, the world’s 14th largest cryptocurrency according to data from coinmarketcap, with a trading price of $9.18 is also facing the bearish market crisis. The new listings are expected to boost trading volume, but this is yet to occur as market losses are slowly piling up. Bnb opened at $9.37 as of yesterday and hit a not-so-impressive daily high of $9.47 after which it fell to $9.19 and closed at $9.25.
The token had initially broken the $9 resistance level in early October to sit at $10.44, nearly hitting another milestone until October 18th when the bearish market kicked in. With a trading volume of $12.12 million, USDT traders have continued to boost trading volume despite losses of 1.57% today.