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Cardano Aims to Launch DeFi Services in Africa in 2022

With many great achievements in 2021, Cardano will start the new year with promising developments and new improvements. Going into 2022, much of these plans largely involve Africa.  

Charles Hoskinson, the founder of Cardano, posted a video on Christmas Eve in which he talked about Cardano’s future prospects. He believes that the poor financial situation in developing countries can be altered with DeFi and this is one of Cardano’s biggest goals.

Hoskinson revealed that he seeks to provide Africans with DeFi services, including loans, and plans to keep expanding Cardano’s reach in the continent. By the second quarter of 2022, Hoskinson aims “to figure out how to get all the pieces together to get an end-to-end microfinance transaction on Cardano.”

“We’ve completely circumvented the banking system in Africa which is at times tremendously predatory and enables some of the worst people alive to stay in power,”

Hoskinson said. 

“It opens a thousand conversations, what’s a good identity, what’s a good credit score, what other products and scores should exist in real finance in Africa? And how do we spread it across all of Africa? In 2022, all the infrastructure is in place to make that happen.”

On the Flipside

  • Cardano has already launched a project to build scalable infrastructure in Tanzania. 
  • Cardano’s end goal is the widespread adoption of crypto for individuals and businesses on the African continent.  

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