Cardano’s ADA is one of the crypto’s that have been tipped to blow up this year. Africa may have something to do with it according to Cardano CEO Charles Hoskinson. According to the IOHK (company that owns Cardano) CEO, the company has a long term strategy that hinges heavily on the African continent. Hoskinson went so far as to say that the second most populous continent in the world (Africa) may be the future for Decentralized Finance (DE-FI) development.
Africa is fertile ground for de-fi
While talking to intrigued listeners, Hoskinson posed some loaded rhetorical questions. “When we ask ourselves, ‘who will be the consumers of DeFi who will be in need of identity systems and payment systems and new ways of representing equities’ — will it be the ossified, highly regulated markets of the western world, which are invitation-only?” He answered this by pointing to the developing and younger economies of Africa and SouthEast Asia as the most likely consumers of De-fi and not developed western economies.
Hoskinson also tipped Africa to be the most promising economic environment in about a decade. “Given that the human capital, physical capital, and economics are all moving in the right direction, it is my belief that Africa will be the most promising economic environment in the next ten years,”
Though Hoskinson didn’t go into detail of how Cardano would grow in Africa, he said that the company was building strategic partnerships that would position it for success long term. According to the IOHK CEO, those partnerships would lead to “flagship deals” that would in turn help bring “much larger deals”. Hoskinson committed to doing a dedicated YouTube session on Cardano’s Africa Plan soon.
$5.6 Trillion in wealth
According to the CEO, there is $5.6 Trillion in wealth across the continent little of which is available to global markets. His desire is to see a good part of that wealth stored on the Cardano network; “As we see that 5.6 trillion in wealth, it is my hope that the representation of that wealth will live on the Cardano blockchain,”
Cardano’s Charles Hoskinson is not the only one in the Blockchain space to have tipped Africa as a viable destination for de-fi. Patrick Rawson of Blockchain think tank ‘Curve Labs’ had earlier said that reaching the “last mile” of users will require de-fi developers to tailor products for the un-and under banked populations of the world. Africa has a large population of under banked people and therefore a ripe market for de-fi innovation.
Image Courtesy of Pexels
