Forward of the Africa Cash and DeFi Summit, Hashing It Out host Elisha Owusu Akyaw (GhCryptoGuy) speaks with Andrew Fassnidge, founding father of Africa Tech Summit, and Enoch Antwi, CEO of Dnar, on the intersection between cryptocurrency developments on the African continent and the monetary expertise sector. Fassnidge shares his expertise from the angle of an investor and convention organizer who has seen the genesis of a number of unicorns on the content material, and Antwi presents his ideas from the angle of a founder in each sectors.
Andrew Fassnidge, founding father of Africa Tech Summit, opens the podcast with a proof of the state of fintech in Africa. Fassnidge explains that regardless of the expansion of economic expertise functions on the continent, the rise of failed startups that raised big capital has solid a darkish shadow over the ecosystem. The shortage of sustainability of improvements within the house has harmed investor confidence and has made the lots cautious of utilizing native monetary apps. Moreover, the state of native currencies has created an urge for food for storing wealth in foreign currency echange. This development is making decentralized finance and stablecoins standard in African markets.
Enoch Antwi, CEO of Dnar, a finance software that has taken a call to rebuild and re-enter the Ghanaian market this quarter, additionally explains that the ecosystem has reached a tipping level the place the innovation that follows can be exponential. He additionally explains that favorable laws can be developed within the subsequent few years. He stated:
“I’m listening to some good issues popping out of various markets throughout Africa, which which weren’t taking place three or 4 years in the past by way of regulation and coverage in the direction of digital belongings. And usually it was simply let’s ban it, let’s cease it. And now they notice. Really. Properly, we will not cease it as a result of persons are utilizing it anyway.”
The episode additionally discusses points regarding fundraising by African startups and the use circumstances of decentralized finance on the African continent.
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