The Venom Foundation has partnered with the Government of Kenya to establish a blockchain hub in Africa. This collaboration aims to foster the development of Web3 and blockchain technology applications in key sectors such as finance, supply chain, agriculture, SMEs, and cross-border trade. The goal is to drive innovation, benefitting Kenya and the entire African continent.
Currently, over 84% of the Kenyan population has access to financial services through banks and fintech. However, implementing blockchain infrastructure as a long-term strategy will increase the value for the population, create more opportunities for the domestic economy, establish new international trade routes, and enhance efficiency in intra-African trade.
Venom Foundation’s expansion into Africa showcases the continent’s progressive approach to adopting web3 and blockchain technologies, reflecting its commitment to embracing innovation. By advocating for the adoption of blockchain, Venom Foundation aims to empower African communities, bridge traditional finance and trade with the web3 world, and stimulate regional economic growth. The adoption of blockchain technology can lead to reduced transaction costs, improved security and transparency, increased access to financial services, faster settlement times for cross-border transactions, and new investment opportunities through asset tokenization. These advancements have the potential to contribute significantly to economic development and financial inclusion across the continent.
The blockchain hub will serve as a central platform for establishing partnerships with innovative companies and facilitating knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space. Venom Foundation will provide essential tools and resources to support African countries in laying a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, land registry, voting systems, asset tokenization, and other areas where blockchain technology can have a significant impact. The partnership aims to promote transparency, efficiency, and trust in various sectors throughout Africa.
Christopher Louis Tsu, CTO of Venom Foundation, emphasized that by bringing next-generation blockchain technology to Africa, it will empower the people and enable not only Kenya but also other African nations to leverage their assets and participate in new global markets competitively.
The Kenyan government expressed enthusiasm for the partnership, with Moses Kuria, the Cabinet Secretary for Investments, Trade, and Industry, stating that the collaboration signifies their commitment to next-generation technology and financial and technological advancements. They believe that establishing the blockchain hub will catalyze further innovations in various industries, benefiting the people of Kenya and beyond.
About Venom Foundation
Venom Foundation, licensed by the ADGM, accelerates global Web3 projects. Operating under the jurisdiction of the Abu Dhabi Global Market (ADGM), the decentralized network acts as the world’s first compliant blockchain, allowing authorities and enterprises the freedom to build, innovate, and scale. Venom blockchain offers a portfolio of in-house dApps and protocols with dynamic sharding, low fees, high speed, and scalability. It has the potential to become the primary infrastructure for a global ecosystem of Web3 applications, catering to an ever-expanding user base.