Charles Hokinson Makes Bold Prediction About Africaโs Role In Decentralized Finance Industry
![Charles Hokinson Makes Bold Prediction About Africa's Role In Decentralized Finance Industry 1 Decentralized Finance](https://africanvibes.com/wp-content/uploads/2021/01/Charles-Blockchain-News-1.jpg)
Away from Nigeria, a sizable proportion of Africaโs 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.ย ย
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,
โAfrica has enormous market potential for DeFi, and I strongly believe the decentralized finance sector will tap into the continentโs market potential. Who is actually going to do peer-to-peer loans? Peer-to-peer insurance? Whoโs going to do peer-to-peer payments? I have news for you, not a guy living in New York.โย ย
Africa as the Launchpad for Decentralized Finance
![Charles Hokinson Makes Bold Prediction About Africa's Role In Decentralized Finance Industry 2 Decentralized Finance](https://africanvibes.com/wp-content/uploads/2021/01/Blockchain1.jpg)
โThereโs no JPMorgan Chase. Thereโs 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 theyโve gainedโ.ย
Challenges to Hoskinsonโs Predictionsย ย
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. โWe built Cardano for this purpose,โ he said.ย
You can watch his interview here
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