- The CEO of IOHK reveals that Cardano is expected to manage around $5.6 trillion in illiquid assets in the African market.
- IOHK has had a physical presence in Africa for 3 years and has established a relationship with key players.
In his most recent video, IOHK’s CEO Charles Hoskinson made some important announcements for the Cardano ecosystem. At the beginning of the video, Hoskinson took the opportunity to celebrate the birth of Ada Lovelace, one of the first female programmers and an inspiring figure in the construction for the Cardano ecosystem. At the same time, Hoskinson spoke about the achievements of IOHK, their partners, and the deals they have closed in Africa, a key region for the platform.
Hoskinson said that due to the great number of announcements, IOHK’s Communications Department will release a detailed video focusing especially on Africa and the company’s strategy for that region in 2021. Furthermore, he said IOHK has spent about three years building a strong relationship with key figures and contributing to staff training in all 53 jurisdictions across the continent. Hoskinson announced:
What has been surprising is that this year, despite a pandemic, civil wars, political unrest and other problems, we have passed the threshold of potential to actually be able to bid. Very soon we should be able to announce the consolidation of deals in Ethiopia that are very large and exciting.
Why should Cardano be part of Africa’s future?
IOHK’s CEO emphasized the importance of the continent for Cardano. In that sense, he indicated that Africa will be one of the most important markets worldwide by 2030. This is due to a series of factors: a majority of the population is young and hungry for services and technology, an extraordinary income of capital, and an increase in its connection with countries and companies around the globe.
Africa has an estimated $5.6 trillion in “illiquid wealth”. Therefore, the potential for growth and profit for companies making an early entry into the market is huge. IOHK’s efforts are aimed at making Cardano a recipient of a part of that wealth, as Hoskinson added:
If better systems were present (the $5.6 trillion) would become liquid and accessible in the global market. We asked ourself, who will be the consumers of DeFi?, who will need payment and identity systems and new ways to represent equities?
IOHK’s CEO stated that African countries are more friendly to the crypto market and innovations. These countries want to “compete” with other areas of the world and are more “nimble” in making decisions that benefit the sectors that will help them achieve that goal.
Given that human and physical capital are moving in the right direction, I believe that Africa will be the most promising economic ecosystem in the next 10 years. We as a firm and our (Cardano) community are in the best position to execute in this terrain. Very soon we will solidify that with a collection of flagship deals that we will then rollout to much larger deals. We have many strategic partners, relationships and political access.
Predicting that 2021 will be the “best year” for Cardano, its ecosystem, and its community, Hoskinson also announced that they are building a vision for the next five years for the platform.