Charles Hoskinson Believes Africa to Bring Huge Influx of DeFi Users

Jafrin  |  Jan 16, 2021

The founder and CEO of Cardano, Charles Hoskinson, has once again reaffirmed that Africa will be an influential factor in driving DeFi’s growth. In his latest interview, Hoskinson has predicted that the DeFi industry will bring 100 million users from Africa within the next three years. Hoskinson believes that Africa is an untapped market for decentralized finance (DeFi). He even positioned his company’s long term vision in the developing country.

Africa Could Lead DeFi Innovation: Hoskinson

In his latest interview, Hoskinson has mentioned that DeFi is currently lacking a significant customer base. According to him, the DeFi industry isn't going to boost in Western countries due to its stringent regulatory ecosystem, saying:

“Who's actually going to do peer-to-peer loans? Who's actually going to do peer-to-peer insurance? Who's actually gonna do peer-to-peer payments? I got news for you, not a guy living in New York.”

In counterpart, developing countries could offer a flexible regulatory environment that could ultimately lead to innovation in DeFi. He adds:

 “There's no JPMorgan Chase. There's no big massive legacy financial system that dominates and controls.”

According to Hoskinson, DeFi can create liquidity for the poorest people in the world and allow them to build wealth and protect their wealth. He adds that it had been the intention behind creating Cardano in the first place.

Cardano's Long Term Focus on Africa

In his previous interviews, Hoskinson has reiterated that Southeast Asia and African countries have a crypto-friendly attitude towards digital currencies compared to other countries in the West. He even emphasized that his company’s long term developmental plans will focus on Africa.

He previously stated Africa as the land of the promising economy:

“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.”

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