Ahead of the Africa Money and DeFi Summit, Hashing It Out host Elisha Owusu Akyaw (GhCryptoMan) spoke with Andrew Fassnidge, founding father of Africa Tech Summit, and Enoch Antwi, CEO of Dnar — a finance software that has determined to rebuild and reenter the Ghanaian market this quarter. The dialog coated the intersection between cryptocurrency developments on the African continent and the monetary know-how sector. Fassnidge shared 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 supplied his ideas from the angle of a founder in each sectors.
Fassnidge opened the podcast with a proof of the state of fintech in Africa, explaining that regardless of the expansion of monetary know-how functions on the continent, the rise of failed startups that raised big capital has solid a darkish shadow over the ecosystem. The lack of sustainability of improvements in the area has harmed investor confidence and made the plenty cautious of utilizing native monetary functions. Additionally, the state of native currencies has created an urge for food for storing wealth in foreign currency. This pattern is making decentralized finance and stablecoins well-liked in African markets.
Antwi additionally defined that the ecosystem has reached a tipping level the place the innovation that follows will probably be exponential. He additionally believes favorable rules will probably be developed in the subsequent few years. He mentioned:
“I am hearing some good things coming out of different markets across Africa which weren’t happening three or four years ago in terms of regulation and policy towards digital assets. And normally, it was just, ‘Let’s ban it, let’s stop it.’ And now they realize, ‘Actually, well, we can’t stop it because people are using 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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