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Cardano founder launches DeFi services in Africa.

Cardano founder launches DeFi services in Africa.

Cardano’s founder, Charles Hoskinson, announced that he is planning to start DeFi services in Africa. The announcement was made through IOHK, the foundation that runs Cardano. Hoskinson said that the DeFi services will be launched in the second quarter of 2022.

This announcement came on a live show that he was doing on YouTube for Christmas. During the live show, Hoskinson talked about Cardano’s achievements in 2021, its plans for 2022 and also talked more generally of the growth of the crypto industry.

While discussing the growth of the crypto industry, he talked about the phenomenal growth of NFTs and DeFi. He also expressed concern over various hacking attempts on the network that has led to, in 2021, losses in excess of $10.5 billion.

Cardano’s Plans

Elaborating on the progress of Cardano, he said that over two million assets had been issued on the network. Most of the assets comprised NFTs. Also, several projects were underway to write decentralized applications (dApps) code for the DeFi network.

Cardano, in its growth plans, had always factored in Africa, Hoskinson added. Cardano’s plans aim to widen its influence in Africa in 2022.

Cardano’s plans are motivated by the lack of financial inclusion in Africa. Cardano, through a financial operating system, hopes to provide Africans with access to DeFi services. The services will enable microfinance transactions and also peer-to-peer transactions. To this end, Cardano has already entered into a partnership agreement with Tanzania. Cardano’s efforts hope to provide people in Africa with a digital footprint and empower them financially.

Hoskinson went on to add that Cardano now has all the technology and resources to be able to achieve all its planned goals.



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