Cardano intends to roll out DeFi services in Africa in 2022
With many great achievements in 2021, the new year will begin with promising developments and new improvements. By 2022, many of these plans primarily affect Africa.
Charles Hoskinson, the founder of Cardano, posted a video on Christmas Eve talking about Cardano’s future prospects. He believes DeFi can change the poor finances in developing countries and this is one of Cardano’s greatest goals.
Hoskinson announced that he would like to provide DeFi services, including loans, to Africans and plans to further expand Cardano’s reach on the continent. By the second quarter of 2022, Hoskinson plans to “figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano”.
“We have completely bypassed the banking system in Africa, which is enormously predatory at times and allows some of the worst living people to stay in power,” said Hoskinson.
“It opens up a thousand conversations, what is a good identity, what is a good credit score, what other products and scores should there be in real finance in Africa? And how do we spread it across Africa? In 2022, the entire infrastructure will be in place to make this possible. “
On the downside
- Cardano has already started a project to build a scalable infrastructure in Tanzania.
- Cardano’s ultimate goal is the widespread adoption of crypto for individuals and businesses across the African continent.
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