By giving start-ups with venture-building skills and resources to assist them create solutions that solve real-world challenges in Africa, this strategic alliance intends to accelerate the development of projects sponsored by Cardano’s innovation engine, Project Catalyst.
Cardano’s Aim Is To Level Up Africa
In late February, John O’Connor, IOHK‘s head of African operations, said that the first round of loans had been given to Kenyan SMEs, underlining Cardano’s RealFi’s upcoming potential.
Cardano creator Charles Hoskinson said that the business wants to launch peer-to-peer (P2P) financing across Africa this year, beginning in Kenya. He feels that this is part of a larger attempt to bridge the gap between developed and underdeveloped nations.
Last year, Input-Output Global (IOG) announced a cooperation with the Ethiopian Ministry of Education to enable five million Ethiopian students with access to Atala PRISM technology, which is based on Cardano, to validate their academic credentials. IOG is also collaborating with World Mobile in Zanzibar to use blockchain technology to connect the disconnected and provide access to crucial internet services.
IOHK: The Agreements Are A Launchpad for Building RealFi
Cardano’s parent company, IOHK, defined these agreements as a “launchpad” for Cardano’s objective of building RealFi in a blog post. IOHK defines “realFi” as “real finance that is focused on individuals who truly need new methods to access finance, creating the actual value that DeFi usually lacks,” as well as “attractive returns to crypto holders” and “cheaper credit/financial products for real people.”