The CEO of Cardano, Charles Hoskinson has, once again, reiterated why Africa will be key to the growth and success of DeFi.
In this detailed interview, Charles further breaks down why DeFi’s true potential will be realized in Africa and why the West is not yet ready for this revolution.
Charles responds to the questions below:
- What were Cardano’s main achievements in 2020
- How is Cardano planning to attract DeFi projects?
- What are the chances that DeFi can succeed in disrupting the traditional financial system?
- Is Africa ready for the DeFi revolution?
- When will DeFi gain mainstream adoption
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SEE ALSO: [WATCH] Africa is the Future of DeFi, Says Cardano Blockchain CEO
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In the interview, Cardano CEO breaks down why and how the DeFi revolution will largely be focused on Africa:
“DeFi is a product without a customer at the moment. You have to create a customer for it first.
Who’s actually going to do P2P loans, insurance, payments, DEXs and stablecoins? I got news for you; its not a guy living in New York. They already have systems that are highly efficient, regulated, and have low transaction fees.
Its the people who live in Ghana, Ethiopia, Uganda; 70% of these populations are under the age of 30, they are internet enabled, they are Westernized and they understand how the world works.
They just have broken systems – capital controls and markets that are junk. They are actively looking for new currencies and new financial and lending systems, to be their own banks, and to be in control of their own money.
So, the DeFi revolution is going to get its customer base is Africa.”
– CEO, Cardano
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RECOMMENDED READING: A Chat with CZ – Africa is Strategic and a Long Play for Us, Says Binance CEO
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