Cardano Founder Charles Hoskinson Thinks Africa Could be The Next DeFi Hub, Predicts 100 Million Users In The Next Three Years

By: Henry Felix

January 15, 2021 10:45 PM

DeFi protocols have grown over the past few years with a total market value of $12.8B, with centralized blockchains such as Cardano becoming decentralized to rival Ethereum While tapping into the emerging Decentralized Finance sector.

Charles Hoskinson founder of Cardano (ADA) predicts that the Decentralized Finance sector will acquire 100 million users within the next three years by tapping into the developing world's market potential.

In a recent interview with Cointelegraph, Hoskinson pointed out
“Who's actually going to do peer-to-peer loans? Who's actually going to do peer-to-peer insurance? Who's actually gonna do peer-to-peer payments? I got news for you, not a guy living in New York”, he said.

According to Hoskinson, DeFi products lack a significant customer base and the field has no chance at gaining traction in the West because of a cumbersome regulatory environment, on the other hand Cardano intends to take the lead in the DeFi space by developing partnerships in the African continent.

“There's no JPMorgan Chase. There's no big massive legacy financial system that dominates and controls”, he further pointed out.

Ultimately, according to Hoskinson, Defi can “create liquidity for the poorest people in the world and allow them to build wealth and protect the wealth that they've acquired”.

He went further to suggest Cardano was built for this purpose.