Cardano is one of the world’s biggest cryptocurrencies, and even though its fortunes were mixed in 2021, it has some big plans going into 2022. On Christmas Eve, Cardano founder Charles Hoskinson posted a video that showed glimpses of the cryptocurrency’s future plans. In the video, Hoskinson focused on developing countries’ poor financial situation, and how DeFi could play a big role in altering that.
Hoskinson is keen to make Cardano’s presence felt in Africa, where the company is likely to provide DeFi services to Africans. The services will most likely include loans as well. Hoskinson’s ultimate goal is to expand Cardano’s global footprint. According to the Cardano founder, the company has managed to circumvent Africa’s banking system, which is notorious for being predatory. He was also vocal about how Africa’s banking system allows corrupt people to retain power time and time again.
The Cardano founder added that the entry of Cardano into African territory would open up various conversations involving identities and credit scores. He said that there’s no lack of infrastructure necessary to make the move into Africa possible.
Even though Africans have invested in cryptocurrencies, the numbers are low compared to other parts of the world where crypto, blockchain, and DeFi are booming. The traditional financial system of Africa has also left a lot to be desired and has caused distress to the common man. Through crypto and DeFi, Africans can explore a new way to manage their finances – one that doesn’t have the flaws of the continent’s conventional banking system.