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Deepshikha Gupta
Mar 19, 2021
by Deepshikha Gupta

"Millions of Users" Will Enter Cardano Ecosystem After New Deals in Africa

Cardano Ecosystem
Cardano Creator Charles Hoskinson remarks on the new deals in Africa and says this will carve out a path for the entry of millions of new users into the Cardano Ecosystem. 

Cardano has had a strong existence in Africa for years. The decentralized cryptocurrency network founded by Hoskinson, which 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 at gaining traction in the West because of a cumbersome regulatory environment.

Back in January 2021, Hoskinson predicted that “the Decentralized Finance sector will acquire 100 million users within the next three years by tapping into the developing world's market potential.”

Deal to Lure in Millions of Users 

At the Blockchain Africa Conference, IOHK CEO Charles Hoskinson said that new deals are going to bring "millions of users" into the Cardano ecosystem:

“We are at the cusp of deals and initiatives this year, which will bring millions of users through public-private partnerships into the Cardano ecosystem.”

Hoskinson described the scope of the platform's functionality during his keynote address:

“For a large group of people, for the first time in their lives, they will have a digital identity that also can be linked to wallets, that also can be linked to payment systems, that also can be linked to property, that can enjoy rich metadata and other such things.”

Why Africa? One Word: Opportunities

IOHK is presently working with local governments to amalgamate Atala PRISM. Which is a Cardano-based digital identity management solution, in Ethiopia, Nigeria, Kenya, and other African countries. 

In the long run, IOHK directs to build a totally new economy in Africa. In early February, IOHK's John O'Connor said that they were in the "final stages" of securing a major government contract on the continent:

“What I can say is that we are at the final stages of a large government contract that would have multimillion users being onboarded onto the platform for real-world blockchain implementation.”

Cardano's focus on Africa might raise eyebrows. Since this is not where the money is. Hoskinson can foresee a lot of opportunities there. 

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"Millions of Users" Will Enter Cardano Ecosystem After New Deals in Africa
Deepshikha Gupta
A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.

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