In one of his frequent YouTube missives to his next, CEO of IOHK – the developers behind the Cardano Blockchain – Charles Hoskinson revealed that the company’s long-term development focus will depend on Africa, going so far as to say the world’s second most populous continent could be the future for decentralized finance (DeFi) development.
“If we ask, ‘Who will the consumers of DeFi be who will need identity and payment systems and new ways to represent stocks?’ – will it be the rigid, highly regulated markets of the Western world […] or will it be the nimble and nimble countries of Africa, Southeast Asia, which are unaffected and desperate to compete and thus are open and friendly to redesign and ideas? “
“Given that human capital, physical capital and economics are all moving in the right direction, I am confident that Afria will be the most promising economic environment in the next decade,” concluded Hoskinson.
Hoskinson isn’t alone in thinking the next wave of DeFi adoption will begin in Africa. In a previous interview with CointelegraphPatrick Rawson of blockchain think tank Curve Labs said that reaching “the last mile” of users requires DeFi developers to tailor their products to non-and underexposed users.
However, the specifics of how Cardano will grow in the world’s second-most populous continent were scarce. Hoskinson teased that Cardano has successfully built ‘networks and relationships’ that provide the blockchain project with ‘strategic partners and relationships and political access in all the right places’.
He added that he believed these connections will lead to ‘flagship deals’, which in turn will help close ‘much bigger deals’. While he notes that there is $ 5.6 trillion in wealth across the continent, of which little is available to world markets, he offered little as a roadmap to Cardano to capture that value.
The founder promised a future dedicated YouTube episode outlining the strategies and details of Cardano’s rollout in Africa with greater clarity and strategic detail.
“As we see that 5.6 trillion in wealth, I hope that representation of that wealth will live on the Cardano blockchain,” he said.
Hoskinson earlier discussed Cardano’s Africa push in an AMA with the community, where he revealed details of contracts that IOHK has managed to win so far, as well as a case where the company has been undercut. IOHK also houses its headquarters in Addis Ababa, the capital of Ethiopia.