Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Cardano in Africa, A Quick Recap

Cryptocurrency Apr 28, 2021 08:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Cardano in Africa, A Quick Recap

  • In its bid to reach the unbanked, Cardano is focusing efforts on African markets.
  • IOHK, the development team behind Cardano, has come up with innovative projects like the “Africa Strategy” to reach the continent.
  • As part of its vision, IOHK recently signed a memorandum of understanding (MOU) with the Ethiopian Government.
  • SMART Africa, which has 24 African countries signed up, is another initiative targeting the continent’s development.
  • As blockchain comes of age, IOHK has announced a special event, #CardanoAfrica, which will take place on Thursday, April 29, 2021.

Cardano, which touts itself as the first peer-reviewed third-generation blockchain, is a project that aims to reach underdeveloped nations by banking the unbanked. One region that has been of keen interest to Cardano is Africa.

The Africa Strategy

In its drive to reach the unbanked in Africa, Cardano’s development team came up with the Africa Strategy. By engaging with African stakeholders to deliver projects to solve real market issues, and by educating local developers to create solutions for local problems, they hope to drive Cardano’s adoption in Africa.

In a bid to achieve this, IOHK has signed a memorandum of understanding (MOU) with the Ethiopian Government to train and hire junior software developers and use Cardano in its agriculture industry.

The SMART Africa initiative is another means of reaching the unbanked in the African continent. 24 out of 54 African countries have already signed up for it.

The project focuses on investing heavily in digital infrastructure to enable new industries in Africa to bloom and create massive opportunities. The project has so far been involved in “fibre optic networks, mobile broadband centres, satellites, data centres and many other initiatives.”

Yoroi, a light wallet for the Cardano blockchain, is also a means of helping the unbanked access better financial services. Launched by EMURGO, the wallet is available on both Google (NASDAQ:GOOGL) Play and Apple’s App Store.

Yoroi provides users with secure, fast, and simple access to Cardano’s native cryptocurrency asset, ADA. By using its blockchain solutions, Cardano is building distributed and trusted databases that will reduce the barriers that impede business.

On the Flipside

  • Regardless of the accomplishments of Cardano, some have come out to criticize the project.
  • David Hoffman, the co-host of the Bankless podcast, has attacked Cardano for using fake marketing but praised Polkadot.
  • He stated, “Cardano does not have a great deal of applications. I put it on my suspicious list, and I would even go so far as to say that Cardano could be a naked scam.”

Cardano, Africa Special Event 2021

Cardano has been in Africa for more than three years, and according to Charles Hoskinson, IOHK had to learn how to do business in the region. Now, Cardano will be hosting a special event to mark some of its landmark achievements in Africa.

The event, tagged #CardanoAfrica, was announced by IOHK on April 20. It will take place on Thursday, April 29, 2021, at 16:30 UTC.

Speaking about the event, Cardano CEO Charles Hoskinson said:

“This special is not about aspirations, it's not about promises. This special is about delivery. . . If you can join us on April 29, together celebrate all the great accomplishments we’ve made and will continue to make.”

Why Africa?

When asked about his company’s involvement with Africa, Charles Hoskinson, the CEO of IOHK, explained that by implementing a blockchain backbone, the continent could leapfrog other nations in the coming decade.

Although he agrees that there is a need to overhaul every major administrative, legislative, and financial system across the region, Hoskinson believes that Africa is rising in terms of technological development.

The CEO of IOHK also noted that as the infrastructure of Africa develops with blockchain, the Cardano ecosystem will benefit greatly.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Cardano in Africa, A Quick Recap

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Gcj Rentals
Gcj Rentals Apr 28, 2021 1:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
locked and loaded. buying more every month
Don Hoskichote
Don Hoskichote Apr 28, 2021 11:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The unbanked, but not the unmobiled! Think about it. Great idea to bring Cardano to a highly underestimated market. 1.3 billion people using their mobile phone to do money transfer by blockchain. No one can ignore Cardano, if they succeed in Africa. Charles will become Elon Musk of the world wide web.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email