- Charles Hoskinson, the founder of Cardano, believes that the DeFi revolution will occur in Africa.
- Hoskinson said that the DeFi sector would gain 100 million users over the next three years by harnessing developing countries’ market potential.
Charles said that the DeFi sector would gain 100 million users over the next three years by harnessing developing countries’ market potential.
Speaking of his views on DeFi, Charles said:
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?
He also added: “I got news for you, not a guy living in New York.”
Furthermore, Charles added that DeFi products lack a significant customer base. He also said that the field has no chance in highly regulated markets in the western world.
Additionally, he said that developing countries need identity and payment systems and new ways of expressing assets.
“There’s no JPMorgan Chase. There’s no big massive legacy financial system that dominates and controls”, he added. Moreover, he said that Africa would be the most prominent economic environment.
According to Charles: “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.”
To finish, he added: “We built Cardano for this purpose.”