ICYMI: here's what partnership Charles Hoskinson is most excited about in 2022 Cardano ADA $ADA CardanoCommunity
The partnership Hoskinson mentions starting from minute 7:42 on the video is about Cardano teaming up with Pezesha to build a peer-to-peer financial operating system in Africa.Africa
, who has a blockchain-based identity and a credit score, can receive a loan in crypto via stablecoins in just one click and pay it back later in the same manner. Transactions here would be settled on Cardano. At the moment, Hoskinson reminded, in the microfinance space, the interest rate is 35-80% per annum with a 40% default rate. As for Pezesha, he started, its interest rate is 3-4% per month with a default rate of just 2%.Hosk stated that once this Cardano-based financial operating system turns on with Pezesha, it is going to be bigger than the traditional microfinance space in Africa.
He believes that this would lead to interest rates dropping gradually due to competition because of the oversupply of capital relative to clients. The second thing is that he believes with this partnership Cardano will completely circumvent the banking system in Africa. It is"at times tremendously predatory" and allows"some of the worst people to stay in power."
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