Charles Hokinson Makes Bold Prediction About Africa’s Role In Decentralized Finance Industry

Charles Hoskinson is leading the African Blockchain Revolution [Photo Credit: Blockchain News]

Away from Nigeria, a sizable proportion of Africa’s mainly young population are moving away from fiat to crypto. They are embracing decentralized finance (DeFi) to exchange and store up assets. Many have made fortunes from crypto trading and HODL.  

Recognizing these emerging trends, Charles Hoskinson, Cardano founder, has predicted that Africa will be the face of decentralized finance in 3 years. This, he says, will be the case as Africa will bring 100 million users into that space by 2024. According to Hoskinson,

“Africa has enormous market potential for DeFi, and I strongly believe the decentralized finance sector will tap into the continent’s market potential. Who is actually going to do peer-to-peer loans? Peer-to-peer insurance? Who’s going to do peer-to-peer payments? I have news for you, not a guy living in New York.”  

Africa as the Launchpad for Decentralized Finance

In three years, Africa is likely to be the face of DeFi globally. [Photo Credit: Inter-American Development Bank]

“There’s no JPMorgan Chase. There’s no big massive legacy financial system that dominates and controls. Ultimately, DeFi can create liquidity for the poorest people in the world and allow them to build wealth and protect the wealth that they’ve gained”. 

Challenges to Hoskinson’s Predictions  

Although Africa is in an excellent position to become ahead in the decentralized finance sector, most of its population remains ignorant about how this financial system works. Getting Africa ahead of the curve will require a lot of advocacy. Hoskinson says Cardano is ready to offer a helping hand. “We built Cardano for this purpose,” he said. 

You can watch his interview here