A century ago, investors in North America focused on building essential infrastructure, such as power grids, post offices, and financial systems, laying the groundwork for future generations. Tether CEO Paolo Ardoino sees parallels between that era and Africa’s current landscape, suggesting that Africa is at a pivotal moment in its development.
On Tuesday, Ardoino announced Tether’s plans to invest in an undisclosed African company. He characterized this investment as a significant opportunity, akin to the historic infrastructures being established in North America decades ago. In subsequent remarks on social media, he drew a stark comparison, framing Tether’s efforts in Africa as a modern infrastructural revolution—a venture into decentralized energy, communication, and finance.
Ardoino highlighted Tether’s impressive profit margins, claiming the company operates at a 99% profit rate, to emphasize the resources and ambition behind this initiative. He posed a provocative question to his audience: “If you were asked to invest in the company that would build the power grid, the post office, and finance markets a century ago in North America, would you take that bet? That’s what we’re doing in Africa.”
However, his analogy sparked a diverse range of reactions, with some critics arguing that he was suggesting Africa remains vastly underdeveloped compared to the West. Analyst Duo Nine challenged Ardoino’s wording, suggesting a rephrasing to avoid implications that the continent is a century behind.
This dialogue illustrates the complexities global stakeholders face when discussing Africa’s potential. Balancing a recognition of the continent’s challenges with an acknowledgment of its current progress and agency is crucial in these discussions.
These tensions echoed the discussions at ETHSafari 2025 in Nairobi, where founders, developers, and investors debated the best approach for building Africa’s crypto future. Some, like Lisk’s COO Dominic Schwenter, championed the continent’s potential, citing its youthful population, increasing digital connectivity, and underserved financial landscape. Schwenter pointed out that Africa boasts the highest entrepreneurship rates globally—one in five adults running their own businesses. He emphasized that Web3 could directly address pressing problems rather than getting caught up in speculation.
Conversations at ETHSafari revealed that while access to global capital is important, the most effective advancements would come from solutions deeply rooted in local communities. These solutions range from improving payment systems and remittances to enhancing supply chain transparency.
Despite criticisms of Ardoino’s framing, the underlying message resonated with many: Africa presents a unique opportunity to bypass traditional systems in favor of decentralized infrastructure. With over 60% of its population under the age of 25, high mobile phone penetration, and millions lacking access to traditional banking, the potential for adoption is striking.
A key question arises: will Africa’s crypto landscape be shaped by global entities like Tether, which cast themselves as architects of new infrastructures? Or will it evolve from grassroots efforts by local founders who are focused on creating tailored solutions for their communities?
Ardoino’s remarks have sparked renewed discourse, ensuring that Africa remains at the heart of critical conversations regarding the future of Web3.
