The Venom Foundation and the Government of Kenya have established a strategic agreement to create an African “blockchain hub” that would focus on the creation of Web3 and blockchain technology applications.
This partnership intends to promote innovation in vital fields including supply chains, financial infrastructure, agribusiness, SMEs, and cross-border commerce for the benefit of Kenya and the whole African continent.
Banks and fintech companies provide financial services to more than 84% of Kenyans. However, if blockchain infrastructure is implemented as a long-term plan, it will further boost population value, expand local economic prospects in Kenya, open up new international trade channels, and improve intra-African trade lines.
Africa’s innovative approach to integrating web3 and blockchain technology is highlighted by Venom Foundation’s entry into the continent, demonstrating its dedication to embracing innovation and leading via implementation.
Venom Foundation promotes the use of blockchain technology with the goals of empowering African people, building a link between conventional banking and commerce and the Web3 world, and promoting smooth cross-border trade and transactions to promote regional economic growth.
Minimized transaction costs, improved security and transparency, better access to financial services, accelerated cross-border settlement times, and the introduction of new investment possibilities through asset tokenization are all concrete advantages that may be realized. These developments have the potential to significantly aid in the continent’s economic growth and financial inclusion.
The blockchain hub will serve as a focal point for forming alliances with creative businesses, encouraging information exchange, networking, and collaboration among significant players in the blockchain sector, including initiatives, business owners, and government representatives situated in Africa.
Venom will also provide essential tools and resources to help African nations establish a strong groundwork for digital transformation. This comprises blockchain-based solutions for property registry, supply chain management,Voting processes, the tokenization of assets, and other sectors are potential applications of blockchain technology.
The collaboration wants to encourage openness, effectiveness, and trust in a variety of industries throughout the continent by putting these solutions into practice.
“Africa is already rich in natural resources and human capital, and 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,” said Christopher Louis Tsu, CTO for the Venom Foundation.
The Kenyan government also praised the collaboration with delight. “We are thrilled to partner with the Venom Foundation, said Moses Kuria, the Cabinet Secretary for Investments, Trade, and Industry. This partnership represents the position we are taking on emerging technologies, as well as global financial and technical changes. We are certain that the creation of this blockchain hub will spur more breakthroughs across many sectors, helping our people both domestically and internationally.”