Cardano may need Africa more than Africa needs Cardano as the DeFi battle heats up
Cardanofounder, Charles Hoskinson, will embark on a tour of Africa next week to meet with startups working on projects using his blockchain.
- According to Hoskinson, Cardano and its native token ADA can provide Africa countries with a more stable monetary alternative to traditional banking.
- For Cardano, the competition in decentralised finance (DeFi) is heating up with more competitors joining the fray.
- Hoskinson’s strategy to push for Cardano in a relatively untapped market could help the blockchain survive the tussle.
Just got back from Wyoming and I'm ready for this upcoming week. Heading to Africa soon- starting in South Africa a… https://t.co/EJiPvyRBcf— Charles Hoskinson (@IOHK_Charles) 1633899315000
According to him, countries in Africa are in need of a safe and strong financial system. The continent’s young population and rising digital adoption coupled with the lack of any legacy monetary systems makes it a ripe destination for Cardano to thrive — or at least try.
“The first countries that hold national elections online that are credible, free, fair, and auditable are likely to be African nations. They will be the first countries to have an end-to-end digital identity and economy.”
More recently, despite hosting the Cardano Summit in September — which included a slew of announcements including commercial offices specifically for Africa — the blockchain’s native token, ADA, has been struggling to stay in the green even as the global crypto market has been recovering.
African countries have historically struggled with issues of infrastructure problems, which have resulted in financial services being less accessible to the common man. Cryptocurrency, arguably, could provide an alternative to traditional banking.
Cardano had the advantage of being the first platform to popularise the use of PoS. However, since its launch 2017, it’s not the only cryptocurrency bidding to be the ‘
Once Ethereum joins the band of being energy efficient, the climb will only get harder for Cardano. ADA may be fourth biggest cryptocurrency on the market as of today, October 14, but this is after it lost its coveted third ranking during September’s FUD — fear, uncertainty and doubt.
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