Cardano network founder Charles Hoskinson has shown a great interest in introducing blockchain innovations in African nations. The latest advance in this respect is the presentation of a new P2P lending option on the network. The head of operations for IOHK, John O’Conner, in Africa recently briefed the Twitter followers about their new product.
Conner claimed that at present, the first rounds of business loans are already distributed to the SMEs operating in Kenya. He further added that there is a massive development potential of the technology that is still untapped. According to his recent tweet, with the help of the Cardano network, the startups and new entrepreneurs in Africa will soon be able to get funding for their projects.
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RealFi will Connect Crypto with Traditional Banking Channels
RealFi is a novel concept introduced by Cardano that plans to narrow the gap between real-world banking channels and cryptocurrency liquidity pools. Conner claimed that the people using the Cardano network would be able to earn and generate yield on their reserves by lending across international borders. The RealFi concept was first introduced by Charles Hoskinson this year.
He claimed that with P2P lending, the economic development gap of the developing countries and the lack of industrialization would improve. He claimed in a recent YouTube video that his ultimate goal is to connect all the features available on the Cardano network and put together a decentralized microfinance network on Cardano.
Cardano Expands its Reach in Different African Nations
A vast majority of the African nations do not have access to basic banking facilities or resources like electricity. Hoskinson claimed that with the help of the peer-to-peer Cardano network, a person sitting in the western bloc would be able to review a loan application from a Kenyan citizen. The Cardano network lending platform will also keep a transparent and viable credit score for each loan applicant.
He claimed that it is possible with the integration of stablecoins and claims that it will bring prosperity and financial independence to the African citizens. During the last year, the Cardano network signed contracts with several African nations like Ethiopia, Kenya, and Tanzania to upgrade the local education system, among other projects.