Is Africa Poised for Cryptocurrency & DeFi Adoption?

Charles Hoskinson of Cardano believes that Africa is an untapped market perfect to benefit from decentralised finance.

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Charles Hoskinson, one of cryptocurrency s well-known bulls and CEO of IOHK, believes that Africa will offer the brightest possibility to take advantage of decentralised finance (DeFi) development. With a need for digital currency and – plausibly cryptocurrency adoption – Hoskinson has positioned his long-term focus verging on Africa.

In one of his YouTube announcements, Hoskinson noted that Southeast Asia and Africa offer agility and possibly friendliness towards digital currencies compared to other countries in the Western market. As a result of regulations, the developing countries might have an untapped market for DeFi to sweep in:

“When we ask ourselves, ‘who will be the consumers of DeFi who will be in need of identity systems and payment systems and new ways of representing equities’ — will it be the ossified, highly regulated markets of the western world, which are invitation-only […] or will it be the agile and nimble countries of Africa, Southeast Asia, who have no incumbencies and are desperately to compete and thus are open and friendly to retooling and ideas? Given that the human capital, physical capital, and economics are all moving in the right direction, it is my belief that Africa will be the most promising economic environment in the next ten years.”

African possibly set to grow as the DeFi hub

This comment echoes that of Patrick Rawson, who believes that the unbanked users in the global market will benefit from DeFi development the most. As a result of the need for banking in the African market, both Rawson (of Curve Labs) and Hoskinson are opting to grow in the region.

This being said, Hoskinson only teased how this development might take place. He did not offer any details on the matter, other than that successful relationships are in place to build the blockchain project with “strategic partners and relationships and political access in the right places.” More information on the matter was promised, with more details regarding the strategies which will roll out.

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