Cardano founder celebrates RealFi launch to empower the unbanked

Cardano founder Hoskinson responded to Cardano’s launch of RealFi, which aims to provide blockchain-based financial services to the unbanked population.
Cardano has achieved another milestone with the introduction of RealFi, an achievement recently celebrated by Charles Hoskinson and the community on X-Community. According to the Cardano founder, this achievement was driven by the efforts of JJ O’Connor and his team to provide financial services to the unbanked population through blockchain technology.
RealFi, or real finance, is a concept proposed by Cardano that focuses on providing decentralized financial services with real-world applications. It aims to provide accessible financial solutions, such as lending, to underserved populations, using blockchain technology to improve transparency, security and efficiency in the financial industry.
RealFi is an important part of Cardano’s strategy and complements key partnerships such as World Mobile and Atala PRISM. The collaborations aim to create a comprehensive digital identity platform, which is critical to ensuring access to financial services. Atala PRISM provides self-sovereign digital identity solutions to facilitate the integration of individuals into the global financial ecosystem.
Cardano founder's vision for RealFi's future
In an Input Output blog post earlier in 2021, Charles Hoskinson predicted that RealFi would become widely adopted among DeFi providers. He emphasized that RealFi’s ability to integrate identity and metadata will establish robust standards and improve security, functionality and compliance. This development is expected to solve existing challenges in the DeFi industry and attract more customers.
While financial access is important, RealFi aims to meet a broader need. Through blockchain and digital identity, RealFi aims to provide access to basic services such as insurance, education and healthcare. This will reduce risks and create equal opportunities for individuals in developing regions, allowing them to compete with their counterparts in developed regions.
Cardano focuses on developing markets
Cardano has been committed to empowering developing countries. Hoskinson stressed that there are currently approximately 3 billion people who lack reliable financial services and that Cardano has the potential to connect these people to the cryptocurrency space. Cardano intends to provide these people with access to RealFi, enabling them to participate in global markets by integrating digital identity and wallet solutions.
Despite recent progress, Cardano continues to face skepticism, particularly regarding its partnership with World Mobile. The partnership, announced in June 2021, aims to connect regions of Tanzania to the internet through blockchain-based solutions. However, slow progress has caused some cryptocurrency enthusiasts to question whether Cardano can deliver on its promise. Hoskinson responded positively to those concerns, highlighting the project’s long-term potential.
Current Market Performance
Currently, the price of Cardano (ADA) is $0.4613 with a 24-hour trading volume of $563,572,724. This represents a 4.12% drop over the past 24 hours and a 4.08% drop over the past week. According to The Crypto Basic, Hoskinson has also previously noted the evolving role of NFTs in the Cardano ecosystem, noting its potential to go beyond art.
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