Cardano Reveals Strategy To Expand Across Africa

ByTroy Morris

Dec 12, 2020

Cardano, as an organization, has been very involved in a lot of activities during the year, particularly in the blockchain space. The year had witnessed its platform coming up with a host of updates and developments to the delight of the cryptocurrency space. In a news report gathered, the Founder of the Blockchain project, Charles Hoskinson, has recently shared updates and progress on the firm’s strategy in Africa. In the report, the next few weeks will see the company announce some set of partnerships and developments in the continent, with East African country Ethiopia in mind.

The continent has witnessed some of the largest levels of crypto-adoption globally, with the region making up the largest share of retail crypto-volumes of transfers under $10,000. Hoskin further mentioned that Cardano’s strategy for expansion in Africa is fuelled by the belief that the second-largest and second-most-populous continent in the world, Africa, will be one of the most promising continents in the world in terms of opportunity and growth come 2030.

Cardano wants to venture into Ethiopia

In the report gathered from Charles Hoskinson, the businessman acknowledged that a lot of business hurdles had ravaged the year and it has witnessed many economies “dip” into a recession. He affirmed that despite the “ups” and “downs”, Cardano was able to bypass the threshold from being “in talks” to be ready to announce deals and confirmed that the Blockchain giants were going to announce large and exciting deals in Ethiopia soon.

According to the co-founder of Ethereum, the present state of regulations in the continent is a testament to the fact that the continent’s countries will witness innovations around alternative financing. It will also see a rise in new users of DeFi. The Cardano boss also briefly spoke about 110 deals in the company’s pipeline which are currently being delayed not because they don’t mean well for business but due to a few agreements not in place. He also pointed out that most of the deals are in America and Europe but hopes that they come through to fuel their interest in Africa.

Analysts say Africa will witness a rise in the crypto industry

Africa is undergoing an economic revolution that is gradually seeing the continent adopt cryptocurrency into its system. Monthly cryptocurrency transfers to and from Africa under $10,000 (€8,500) shot up by 55% over the past year, reaching a peak of $316 million in June 2020. Data gathered from Chinalysis suggest that this continue to rise as individuals and businesses in Nigeria, South Africa and Kenya are currently leading the push for the adoption of cryptocurrency in the continent. Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create a possibility for the many, as well as the few, and bring about positive global change

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