Cardano to launch Defi lending service in Africa by 2022

Charles Hoskinson, founder of IOHK, the foundation behind Cardano, said he will “build a financial operating system” in Q2 2022 that will give Africans access to DeFi services such as lending.

He revealed this while talking about Cardano’s plan for the year 2022 and past achievements via a live Youtube Christmas broadcast.

Hoskinson reflected on the growth of Cardano and the entire crypto industry. He mentioned the non-fungible token (NFT) revolution, the decentralized finance (DeFi) boom, and how hackers are targeting DeFi projects, resulting in a loss of over $10.5 billion in just 2021.

He said two million assets have been issued on Cardano, most of which are NFTs. He added that more than 127 projects are currently writing code to build decentralized applications (dApps) on the network, with about 20 to 30 being launched in the next three months.

Read: Cardano partners with Chainlink to help developers build secure smart contracts

What is happening

He said Cardano’s focus has always included Africa and the project plans to increase its influence on the continent next year.

Due to the fact that many African countries still lack financial inclusion, Hoskinson announced that the Cardano Foundation plans to “building a financial operating system » in the second quarter of 2022 which will provide Africans with DeFi services.

He said, “My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano.

“For a real person in Kenya or somewhere with a blockchain-based identity and credit rating, stablecoin on the other side, Cardano is the settlement rail. Peer-to-peer, person-to-person, click a button, the loan is theirs. They pay him back, (and he) goes to the other side.

Read: Cardano posts weekly losses of 11% after eToro limits ADA trading

With a focus on Africa, the Cardano Foundation works to modernize and bring balance and equality to the world.

Cardano signed a partnership agreement with Tanzania earlier this year to provide residents with social, digital identity and financial autonomy.

IOHK partnered with the European Business University of Luxembourg in August to expand educational opportunities for students from African countries.

The Cardano founder reiterated the long-term ambition of the project, noting that the project now has all the technologies and resources needed to achieve these goals.

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