Charles Hoskinson predicts that the decentralized financial sector will acquire 100 million users within the next three years by tapping into the market potential of developing countries.
Who is actually going to provide peer-to-peer loans? Who is actually going to take out peer-to-peer insurance? Who is actually going to make peer-to-peer payments? I have news for you, not a man living in New York, ”Hoskinson noted in an exclusive interview with Cointelegraph.
Cardano, the decentralized cryptocurrency network founded by Hoskinson, plans to take the lead in the DeFi space by developing partnerships in the African continent.
According to Hoskinson, DeFi products lack a significant customer base and the field has no chance of gaining traction in the West due to cumbersome regulations.
On the contrary, developing countries provide a much more flexible regulatory framework that allows for crypto innovation.
There is no JPMorgan Chase. There is no large, large-scale financial system that dominates and controls, ”he noted.
Ultimately, according to Hoskinson, DeFi can “create liquidity for the world’s poorest people and enable them to build wealth and protect the wealth they have acquired.”
“We built Cardano for this,” he concludes.
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