Cardano Founder Plans to Launch DeFi Services in Africa in 2022

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Cardano Founder Plans to Launch DeFi Services in Africa in 2022
Cardano Founder Plans to Launch DeFi Services in Africa in 2022

Charles Hoskinson, the founder of IOHK, the foundation behind Cardano, revealed some of the projects the foundation will undertake in 2022. The mathematician revealed these projects in a live broadcast.

Cardano Founder Hopes to Expand the Blockchain Presence in Africa 

According to a live Christmas broadcast on YouTube on December 25,  Cardano founder said that some of Cardano’s main plans are to set up institutions to support the project and start a formal open source project structure.

Another highlight of Hoskinson’s information is the project’s Africa plan. He stated that the continent has always been part of Cardano’s strategy and that the project hopes to expand its presence on the continent next year.

Charles Hoskinson announced that the Cardano Foundation plans to “build a financial operating system” in the second quarter of 2022 that will enable Africans to obtain DeFi services due to the lack of financial inclusion on the continent.

He stated that his goal in the second half of 2022 is to figure out how to put all the pieces together for end-to-end microfinance transactions on Cardano.

He also noted that real people in Kenya or elsewhere have blockchain-based identity and creditworthiness; on the other hand, it’s a stable currency and Cardano is the billing route. Point to point, person to person, click a button and the loan will be granted to them. They paid it back (and) it will go to the other side.

Cardano previously worked with Tanzania to provide residents with social, digital identity and financial support. In August, IOHK cooperated with the Luxembourg European Business School to offer students from African countries more educational opportunities.

Charles Hoskinson Reviews Cardano’s success in 2021

In a previous speech, Hoskinson examined the evolution of Cardano and the entire crypto industry. He mentioned the non-fungible token (NFT) revolution, the decentralized funding (DeFi) boom, and how hackers are targeting DeFi projects, causing losses of more than $10.5 billion in 2021 alone.

He also stated that Cardano has issued more than “2 million assets,” most of which are NFTs. He added that there are currently more than 127 projects writing code to build decentralized applications (dApps) on the web, and about 20 to 30 projects will be launched over the next three months.