Cryptocurrency companies have been trying their best to expand their services to untapped markets. The Cardano Foundation, one of the largest cryptocurrency organizations in the world, has taken radical steps to ensure that the financial world is getting smaller and smaller every day.
The Cardano Foundation partnered with the South African National Blockchain Alliance on April 7 to extend fintech’s presence in South Africa. The main objective of the venture is to provide economic inclusion to the 60 million people living in the country.
Because of the potential seen within the country, South Africa has become an area of tremendous interest for virtual asset organizations. In the decentralized ecosystem, Cardano‘s new ally is a partnership between the state, the business community, civil society, and academia. Such factors can be used to create an emerging financial system that is integrated with new-age technologies.
Charles Hoskinson, the Chief Executive Officer [CEO] of IOHK has been a staunch supporter of ADA and has made it a point to inform listeners about the growth of the African financial system.
Hoksinson had earlier spoken about the changes in Ethiopia and how its citizens were changing their belief about a decentralized economy. Once the SANBA partnership was made public, Cardano said:
“The Cardano Foundation is focused on driving adoption and utilization of the Cardano blockchain. South Africa is a key market in building a network of governments, institutions and enterprises using Cardano on the African continent. The renewed focus on Africa represents a step towards building economic inclusion throughout the region with Cardano.”
Using the SANBA partnership, Cardano aims to transform the financial landscape of all African nations and the utilities needed by their citizens. The world’s first third-generation blockchain is also set to strengthen emerging-market economies through the ‘decentralized innovation’ process.
The Cardano Foundation emphasized on its efforts to promote the efforts of blockchain technology by launching systematic campaigns in the country.
Both SANBA and Cardano revealed that they plan to tackle multiple sectors with the introduction of blockchain technology. This includes developing a more transparent environment to reduce fraud, allowing local economies to be part of a digital revolution and building digital identities for community services.
The Cardano Foundation hopes to enhance Cardano’s position throughout every country in Africa with a focus on fintech conduct and smart contract frameworks.
Using the SANBA partnership, Cardano aims to transform the financial sector In November 2019, the Cardano Foundation widened its reach to 54 countries in an effort to boost blockchain development. The Foundation has joined forces with the African Leadership College, the University of Mauritius and the Swiss Embassy.
Cardano admitted that nurturing the industry was tough, but partnering with SANBA was a step in the right direction. In addition to this, the Foundation also said that the chances of a Cardano rebranding being in the works was high.