Cardano’s ecosystem has been one of the most active this year, with a multitude of updates and developments coming up every month. It’s back in the news after founder Charles Hoskinson recently released some updates on Cardano’s strategy in Africa.
According to Hoskinson, there will likely be some announcements in the next few weeks regarding Cardano’s partnerships and developments in the country.
Hoskinson recognized the many disruptions to business that year caused by the pandemic and multiple wars across the continent, and announced that Cardano had stepped from “in conversation” to readiness to announce deals. He said,
“Very soon we should be able to announce the conclusion of deals in Ethiopia that are pretty big and pretty exciting.”
Cardano’s expansion strategy in Africa appears to be driven by the belief that Africa will be one of the most promising continents in the world in terms of opportunity and growth by 2030.
According to Hoskinson, the current level of regulation in the West seems to indicate that countries in Africa will see many new users of DeFi, while also seeing innovations around alternative finance due to the fact that they do not have official business.
In fact, Africa has seen some of the largest crypto adoption in the world, with the region accounting for the largest share of the crypto retail volume of wire transfers under $ 10,000.
Hoskinson also spoke briefly of over 110 deals in his commercial pipeline, most of which he described as “unprofitable” as the parties involved could not agree on “reasonable economies”.
It should be noted, however, that most of these deals are in the US and Europe, which suggests that most of the organic interest in the platform remains mostly in the West.