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In three years, Africa will add 100 million users to DeFi, says Cardano’s founder

Cardano founder Charles Hoskinson expects that in the developing world, the DeFi movement will take place.

Charles Hoskinson expects that by tapping into the market opportunities of the developing world, the Decentralized Finance industry will gain 100 million users within the next three years.

“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”, pointed out Hoskinson in an exclusive interview with Cointelegraph. 

As reported, Cardano, the decentralized cryptocurrency network founded by Hoskinson, plans to take the lead in the DeFi space by forming alliances in the African continent.

According to Hoskinson, because of a cumbersome regulatory environment, DeFi goods lack a major customer base and the sector has almost no hope of gaining momentum in the West.

On the contrary, developing countries offer a much more flexible regulatory structure which encourages crypto innovation. “There’s no JPMorgan Chase. There’s no big massive legacy financial system that dominates and controls”, he pointed out.

According to Hoskinson, DeFi will eventually “create liquidity for the poorest people in the world and allow them to build wealth and protect the wealth that they’ve acquired”. “We built Cardano for this purpose”, he concluded.

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