Charles Hoskinson, CEO of Cardano developers IOHK, says DeFi adoption across Africa seems promising to him. The CEO of IOHK seems to see Africa as the future of decentralized finance (DeFi). In his recent YouTube episode, Cardano Blockchain’s developers’ CEO revealed a long-term goal his company has. He said Africa – the second most populous continent globally, might be the future for decentralized finance (DeFi) adoption.
“When we ask ourselves who the major consumers of DeFi projects will be? Who will require decentralized identity and payment systems? We realize it’s not the highly regulated markets of the western world. Rather, Africa and Southeast Asia who are desperate and open to new ideas.”
“Given that the human and physical capital and economies are moving in the right direction, in the next ten years, I believe Africa is the most promising economic environment for DeFi.”
– Hoskinson said.
Meanwhile, Charles may not be alone in this school of thought. Patrick Rawson of Blockchain thinks tank Curve Labs also said that to reach a milestone of users, DeFi developers will have to harness their projects to the unbanked and underbanked. You majorly find people like these in Africa.
Hoskinson did not relate how Cardano wants to pull their African dream off. However, he did mention that the company has built networks and relationships that will provide the project with partners and political access in the right places.
Cardano is looking to tap into Africa’s $5.6 trillion wealth and represent the Cardano Blockchain’s wealth.
IOHK has managed to live up to expectations so far. However, IOHK was underbid sometime ago. IOHK houses its headquarters in Addis Ababa, Ethiopia.