Charles Hoskinson is no stranger to the cryptocurrency market. the founder of IOHK and the Cardano cryptocurrency recently told Fortune 500 to use Cardano and its ADA coin if they want to expand into developing economies like the Middle East and Africa.
Cheaper and faster solutions now possible
Hoskinson said that the companies would need to start looking at payment systems that can be used in the local trade of these economies which are cheaper and faster. For this, his Cardano platform will be looking to push the solution to the Fortune 500 companies. He is confident that Cardano will be the right platform to facilitate Fortune 500 companies because of its technology and the fact that Cardano has been in those economies like Ethiopia for more than 3 years now.
Changing the rules of the game
Hoskinson is one of the co-founders of Ethereum where he left in 2014. Some 3 years later, he launched Cardano which is an open-source public blockchain and has been in the headlines for potentially killing off Ethereum. That however remains to be seen but Cardano did launch their ‘proof of stake’ platform in 2020. Ethereum on the other hand started this in early 2021. To this end, Hoskinson is confident that 2021 will be the ‘Cardano year’ because it has been pushing ADA in developing economies like Africa from the get-go. Africa has been earmarked to become one of the top 5 fastest growing economies in the world by IMF (International Monetary Fund).
Hoskinson said that digital currencies are being preferred over their local money among the younger generation of Africans. With a majority of the population in Ethiopia below 30, that is a huge potential market to be in.
Furthermore, decentralized finance or DeFi is also taking up speed in Africa’s economy and banking system which has been underdeveloped for decades now.
Targeting Fortune 500 to invest in developing economies
The developing markets possess a lot of potential especially with the high population within them. Hoskinson believes that the Fortune 500 companies will mostly be interested to connect with more than 100 million customers who are already using the Cardano platform and they are extremely strong in the developing markets. They have the money and would be happy to consume products and services offered by the companies. Meanwhile, Cardano has been making significant progress within the blockchain industry after announcing cooperation with Litecoin Foundation which could see further collaborations and connections with the other crypto markets.