Charles Hoskinson Argued That Africa Is The Future Of DeFi

Cardano’s founder Charles Hoskinson argued that Africa is the future of DeFi and sees a promising path towards adoption over the world’s second-biggest continent as we can see more in today’s Cardano news.

IOHK CEO Charles Hoskinson argued that the company’s long-term developmental focus will be based on Africa and even said that the continent could be the future for decentralized finance development:

 “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 […] or will it be the agile and nimble countries of Africa, Southeast Asia, who have no incumbencies and are desperately to compete and thus are open and friendly to retooling and ideas?”

He continued:

“Given that the human capital, physical capital, and economics are all moving in the right direction, it is my belief that Afria will be the most promising economic environment in the next ten years.”

Hoskinson is not the only one that thinks that the new wave of DeFi adoption will begin in Africa since Patrick Rawson who is the founder of the blockchain think tank Curve Labs, said that reaching the “last mile” of users will require the developers to tailor their products to the unbanked or underbanked users. The specifics of how ADA will grow in the second-biggest continent are scarce. Hoskinson teased that Cardano managed to build new networks and relationship which provide the blockchain with strategic partnerships and political access in the needed places.

He added that he thinks the connections will lead to new partnerships which will help to land bigger deals. He also noted that there’s $5.6 trillion in wealth across Africa little of which is available to the broader markets. The founder promised a better future which can be seen in his YouTube video:

 “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.”

Hoskinson discussed ADA’s push in Africa in an AMA with the community where he talked about more details of contracts that IOHK managed to get to.