According to the founder of Cardano, Africa should bring 100 million users to DeFi in three years

Charles Hoskinson predicts that the Distributed Finance sector will gain 100 million users over the next three years by tapping the market potential of developing countries.

“Who is actually giving out peer-to-peer loans? Who actually makes a peer-to-peer insurance? Who actually makes peer-to-peer payments? I have news for you, not a man living in New York, ”Hoskinson said in an exclusive interview with Cointelegraph.

Cardano, the decentralized cryptocurrency network founded by Hoskinson, intends to take the lead in the DeFi space by developing partnerships in the African continent.

According to Hoskinson, DeFi products lack a significant customer base and the field has no chance of gaining a foothold in the west due to a cumbersome regulatory environment.

On the contrary, developing countries offer a much more flexible legal framework that facilitates crypto innovations.

“There is no JPMorgan Chase. There is no big massive old financial system that dominates and controls, ”he said.

Ultimately, according to Hoskinson, DeFi can “create liquidity for the world’s poorest people and enable them to build wealth and protect the wealth they have acquired.”

“That’s why we built Cardano,” he concluded.

To find out more about our conversation with Charles Hoskinson, read the full interview on our Youtube channel and subscribe!