Cardano

Empowa

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<li><strong>Empowa, a Cardano-powered DeFi platform, aims to address Africa&#8217;s housing crisis.</strong></li>
<li><strong>Coinbase highlights the potential of blockchain technology to transform the situation.</strong></li>
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<h2 id="tackling-africa-8217-s-housing-affordability-crisis">Tackling Africa&#8217;s Housing Affordability Crisis</h2>
<p>Coinbase, a prominent cryptocurrency exchange, <a href="https://www.ethnews.com/cardanos-ecosystem-on-fire-surging-with-1240-projects-66-3m-transactions-and-djed-spearheading-the-defi-revolution/">has drawn</a> attention to the transformative power of blockchain technology in addressing the exorbitant mortgage rates crippling the housing market in Africa. Specifically, Coinbase has recognized the efforts of Empowa, a decentralized finance (DeFi) platform powered by Cardano (ADA), that seeks to tackle the housing affordability crisis on the continent.</p>
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<p lang="en" dir="ltr">3/ Enter: <a href="https://twitter.com/empowa_io?ref_src=twsrc%5Etfw">@empowa_io</a>, a company making homes more accessible to Mozambicans by tapping into NFTs and blockchain technology to update an antiquated loan system. They work in partnership with <a href="https://twitter.com/CasaReal13?ref_src=twsrc%5Etfw">@CasaReal13</a> to construct cyclone-resistant homes in central locations.</p>
<p>&mdash; Coinbase <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6e1.png" alt="🛡" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@coinbase) <a href="https://twitter.com/coinbase/status/1657081246827311104?ref_src=twsrc%5Etfw">May 12, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Empowa <a href="https://www.ethnews.com/cardano-rockets-forward-valentine-upgrade-and-blazing-p2p-nodes-propel-ecosystem-development/">has set</a> an ambitious goal of enabling one million African families to become owners of climate-smart homes by 2030. The company is determined to disrupt the current real estate market, characterized by prohibitively high mortgage rates. In Zimbabwe, for instance, the rate stands at a staggering 45%, according to Empowa. Such financial barriers have perpetuated a cycle of unaffordable housing across Africa.</p>
<h2 id="the-severity-of-the-issue">The Severity of the Issue</h2>
<p>In their white paper, the Empowa team emphasizes the severity of the problem, citing low levels of investment, high interest rates, and short finance terms as <a href="https://www.ethnews.com/cardano-shatters-boundaries-unleashes-groundbreaking-hydra-node-unleashing-scalability-at-a-mind-blowing-1m-tps-a-new-era-begins/">contributing</a> factors to the exorbitant cost of capital. The Centre for Affordable Housing (CAHF) Annual Report of 2020 reveals mortgage rates of 32% in Zambia and at least 25% in Guinea, Nigeria, and Zimbabwe.</p>
<h2 id="empowa-8217-s-innovative-approach">Empowa&#8217;s Innovative Approach</h2>
<p>Empowa, in collaboration with Casa Real, is leveraging non-fungible tokens (NFTs) and blockchain technology to revamp the outdated loan system and make homes more accessible to Mozambicans. Through decentralized funding models and NFT technology, individuals <a href="https://www.ethnews.com/in-a-historic-move-cardano-pioneers-a-new-era-of-banking-transactions-loans-and-dex-trading-with-bitcoin-on-the-ada-blockchain/">can purchase</a> homes without relying on traditional mortgages. These cyclone-resistant homes, located in central areas, are priced starting at $10,000, making them affordable for low- and middle-income families.</p>
<h2 id="coinbase-8217-s-objectives-and-commitment">Coinbase&#8217;s Objectives and Commitment</h2>
<p>Coinbase&#8217;s decision to bring attention to this issue serves multiple purposes. Firstly, it raises awareness about the challenges <a href="https://www.ethnews.com/as-ethereum-gas-fees-hit-187-cardano-emerges-as-investor-favorite-with-massive-hydra-scaling-update/">faced by</a> Africans in securing affordable housing. Secondly, as a leading cryptocurrency exchange, Coinbase showcases the potential of blockchain and cryptocurrency technologies to address real-world problems.</p>
<p>Thirdly, this move may indicate Coinbase&#8217;s interest in exploring market expansion opportunities in regions like Mozambique. Lastly, Coinbase&#8217;s commitment <a href="https://www.ethnews.com/cardano-whales-make-waves-with-massive-ada-purchase-as-revolutionary-update-propels-ecosystem-to-the-forefront-of-l2-scaling-solutions/">to corporate</a> social responsibility is evident as it utilizes its influence to shed light on social issues and promote innovative solutions.</p>
<p>The collaboration between Empowa, Cardano, and Coinbase signifies a concerted <a href="https://www.ethnews.com/cardanos-charles-hoskinson-unveils-superior-technology-and-cryptos-future-on-billion-dollar-media-giant-foxnews/">effort to revolutionize</a> Africa&#8217;s housing market through the application of blockchain technology, providing hope for millions of individuals striving for affordable and sustainable homeownership.</p>
<div class="cryptoboxes" id="mcw-12352" data-realtime="on"><div class="mcw-chart mcw-chart-light" data-font = "inherit" data-chartcoin = "ADA" data-chartcurrency = "USD" data-chartrate = "1.000268" data-charttype = "chart" data-chartview = "day" data-charttheme = "light" data-chartsmooth = "true" data-chartareacolor = "" data-chartbgcolor = ""></div></div>
<p>The post <a rel="nofollow" href="https://www.ethnews.com/cardanos-defi-marvel-saves-lives-and-solves-africas-housing-crisis-explosive-report-unveiled/">Cardano&#8217;s DeFi Marvel Saves Lives and Solves Africa&#8217;s Housing Crisis &#8211; Explosive Report Unveiled</a> appeared first on <a rel="nofollow" href="https://www.ethnews.com">ETHNews</a>.</p>

Cardano’s DeFi Marvel Saves Lives and Solves Africa’s Housing Crisis – Explosive Report Unveiled

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