Cardano to launch P2P lending network in Africa

Charles Hoskinson, the co-founder of Cardano, has disclosed that the Cardano blockchain plans to launch a peer-to-peer (P2P) lending in Africa, as part of efforts to bridge the gap between developed and developing nations.

The project will create a “one global economy” instead of two economies that are divided between the developed and the developing economies. The project will also help mitigate income and wealth inequalities among nations.

In an Interview, Hoskinson stated that the initiative, which is slated to be launched on the Cardano network this year, will see billions of dollars flow from developed countries like the United States into developing nations like Nigeria, Kenya and Ghana.

What they are saying

Hoskinson stated that, “Another thing that I think is really cool on the horizon we’re doing this year is that we’re finally able to do peer-to-peer lending into Africa.

“If we get it done then billions of dollars of value will go from the developed world to the developing world where interest rates are higher.”

He further added that the feature will be powered by blockchain technology and users do not need to express fear that the process could be manipulated by any third party.

Commenting on the trustless nature of blockchain, Charles noted that the technology has gone beyond being used in payments alone. Last year, Cardano upgraded its network to have smart contract capabilities which has seen a lot of projects run on its Blockchain. A top DEX platform, Sundae Swap has launched on the Cardano blockchain with 124.49 million in Total Value Locked (TVL), which has grown by 60% in 30 days.

Notably, blockchain has given users the possibility of participating in inclusive accountability, which eliminates the reliance on any third party, as people can conduct transactions among themselves without any form of fear. Currently, according to Messari, Cardano is the second largest in terms of transaction volume. Since the launch of its smart contract, Cardano has been a top three blockchain in terms of transaction volume and in recent weeks, been surpassing that of Ethereum.

Dan Gambardello the CEO and founder of Crypto Capital Venture (CCV) called the cryptocurrency the biggest sleeping giant that is waiting to explode. He further urged enthusiasts to increase their ADA holdings within the $0.80 and $0.50 buy zone or miss out on a lifetime opportunity. ADA now trades $0.94 up 8.50% for the day as of the time of this writing.