Charles Hoskinson is convinced Cardano will beat Libra in emerging markets

28 Jun, 2019
by Joeri Cant
News
Charles Hoskinson is convinced Cardano will beat Libra in emerging markets

Charles Hoskinson, chief executive of IOHK, the organization behind Cardano, said that he believes that Cardano will have the upper hand over Facebook's Libra in emerging markets.

In a recent exclusive interview with Finance Magnates, Charles Hoskinson, the founder of Cardano, said that Facebook’s announced virtual currency Libra won't be able to compete with Cardano in emerging markets.

According to Hoskinson Facebook will have a hard time promoting its cryptocurrency Libra due to its lack of relationships, which he claims need to be built over time, based on actual benefits specific to the emerging market where they want to launch and gain a foothold.

'Facebook has to come into countries it doesn’t know a lot about and convince them to enslave themselves to an economic monopoly and give nothing in return', Hoskinson said.

'And their only pitch is that you’ll pay less on fees. [...] I’m going there and saying, ‘we’re going to rebuild all your systems so you have fraud-free land registration, better voting systems and improved supply chains.’ We’re already doing this stuff but it took years. These are relationship-based markets – and Facebook doesn’t have those relationships.'

The Cardano founder doesn't only believe that ADA will have the upper hand over Libra in emerging markets, he as well thinks Cardano one day soon, will be 'the best in class, the leader of all cryptocurrencies'.

Charles made this comment during an interview at the Cardano IOHK Summit in May, where he explains that IOHK has been building up the project in stages, and that it’s a much more mature ecosystem than it was even just six months ago.

Cardano is currently the tenth most popular crypto coin in the world, and is trading at $0.087, showing a gain of almost 2% on the day.

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