Cardano Launched Lending Platform Test In Africa

Cardano is making headlines at the beginning of this March, thanks to important announcements. Check out the latest reports below.

It’s been just reported that Cardano developers are testing an enterprise lending program in Africa and aim to have a working product ready for rollout soon.

Input-Output Hong Kong (IOHK) African Operations director John O’Connor explained recently that the first loans on Cardano’s “RealFi” system were issued over the weekend.

“First loans to Kenyan [small and medium-sized enterprises] went out over the weekend.”

He continued and said:

“Looking forward to turning this into a product soon so any Cardano holder can generate yield that’s uncorrelated to crypto whilst making an impact.”

According to an IOHK blog post, RealFi is Cardano’s mission to bring decentralized finance (DeFi) to the mainstream.

As the online publication the Daily Hodl notes, IOHK says it’s looking to create an ecosystem of financial products that remove friction between crypto liquidity and economic activity. At the same time, they also aim to give yield to crypto holders and more accessible credit to everyday people.

In a recent podcast, John Connor, IOHK’s African operations director discusses the regulatory challenges of lending in Kenya.

“You’ve got a whole bunch of regulatory challenges which are inhibiting these kinds of [financial lending] flows. Let’s say I want to lend into this Kenya and [small and medium-sized enterprises fund]. Well, the Kenyan regulator needs to know the [know-your-customer] information of every single investor that’s putting money into this opportunity.”

In other news, it’s been revealed that amidst the crypto market recovery, it’s been revealed that the traders continue to accumulate Cardano and Chainlink. Check out more reports about the state of the market.

The latest reports reveal that a top crypto analytics firm says that traders are continuing to hold Cardano (ADA) and Chainlink (LINK) despite the crypto market’s recent price crash.

In a tweet from market intelligence firm IntoTheBlock, it is revealed that ADA investors haven’t been dissuaded despite ADA being down nearly 73% from its all-time high of $3.09, which was been set in early September.