Hassan Maishera
TL;DR
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The Venom Foundation enters into a strategic partnership with the Kenyan Government.
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The foundation will launch a blockchain hub in the African country.
Venom Foundation To Launch A Blockchain Hub In Africa
Venom Foundation has announced that it has entered into a strategic partnership with the Government of Kenya.
In a press release shared with Cryptowisser, the Venom Foundation said the partnership is geared towards establishing a blockchain hub in Africa, focusing on the development of Web3 and blockchain technology applications.
The partnership seeks to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, benefiting Kenya and the entire African continent.
At the moment, over 84% of the Kenyan population has access to financial services through banks and fintech. However, the integration of blockchain infrastructure as a long-term strategy in the country will further increase the value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra-African trade lines.
The Venom Foundation said its expansion into Africa indicates the continent’s forward-thinking approach to adopting web3 and blockchain technologies, showcasing its commitment to embracing innovation and leading through implementation.
The foundation is focused on empowering the African community, creating a bridge between traditional finance and trade with the web3 world, and stimulating regional economic growth by enabling seamless cross-border trade and transactions.
In our continued quest to place Kenya at the heart of Africa and Global Digital Map, we have accelerated our efforts to attract global tech companies seeking to tap into Kenya's unbelievable tech talent. The latest in this is leading block chain Venom @VenomFoundation
— CS Moses Kuria (@HonMoses_Kuria) May 9, 2023
Some of the benefits of blockchain technology in Africa include minimized transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and the creation of new investment opportunities through asset tokenization.
The Venom Foundation added that the blockchain hub will act as a central platform for forging partnerships with innovative companies, fostering knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space, such as projects, entrepreneurs, and government officials based in Africa.
The company is set to supply crucial tools and resources to support African countries in establishing a solid foundation for digital transformation. Some of the resources the Venom Foundation will provide include blockchain-based solutions for supply chain management, land registry,
While commenting on this latest development, Christopher Louis Tsu, CTO of the Venom Foundation, said;
“Africa is already rich in natural resources and human capital; by bringing next-generation blockchain technology to the continent, it will empower the people and help not only Kenya but many other African nations to capitalize on their assets and participate in new global markets, competitively”
The Kenyan government is also optimistic about this partnership. Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, stated;
“We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”
Venom Foundation is licensed by the ADGM and enables the acceleration of global Web3 projects. The decentralized network operates under the jurisdiction of the Abu Dhabi Global Market (ADGM). The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
