Africa's housing crisis is a major issue that is crippling the market with exorbitant mortgage rates making home-owning difficult. Coinbase, a leading cryptocurrency exchange, has spotlighted the innovative efforts of Empowa, a decentralized finance platform powered by Cardano, to tackle this issue. The company’s mission is to enable 1 million African families to own climate-smart homes by 2030. Currently, in Zimbabwe, the mortgage rate stands at an incredibly high 45%. Other countries in Africa have similarly high rates, and informal income rather than salaried income hinders many from obtaining loans and houses.

Empowa has identified the urgency of this situation and is striving to disrupt the current real estate market, partnering up with Casa Real to leverage blockchain technology and NFTs to provide low- and middle-income families with access to homes. These cyclone-resistant residences are more affordable, with prices starting at a $10K, accessible to those who don’t possess the necessary means to obtain a traditional mortgage.

Coinbase has not only highlighted the grave issue of housing in Africa but also demonstrated their commitment to corporate social responsibility by using their influence to further solutions to real-world problems. They are also showcasing the potential of blockchain and cryptocurrency technologies through the success of Cardano-powered DeFi platform Empowa. Their move indicates not only their interest in raising awareness but also exploring market expansion opportunities in regions like Mozambique.

Although cryptocurrency and blockchain technology cannot completely solve this issue, Coinbase’s support of Empowa’s mission is a massive step towards tackling the African housing crisis. The crypto-exchange’s dedication to making a difference in the world is inspiring, and it will hopefully continue to further solutions to the other challenges faced by the region.



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