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Venom Foundation, which is licensed by the Abu Dhabi Global Market and is the entity developing the Venom blockchain, has struck a strategic partnership with the Kenyan government as it looks to launch a “blockchain hub” in Africa.
The hub, according to details published in a press release, will focus on advancing the development of Web3 and blockchain technology applications across the continent. The initiative aims at driving innovation in key sectors of the Kenyan and African economy, the company said.
Bringing next-generation blockchain technology to Africa
Venom launched the public testnet of its blockchain in April, and in one of its first major announcement since, it says it plans to promote blockchain adoption in Kenya and Africa as a whole with the targeted industries including agriculture, financial infrastructure, supply chain, cross-border trade and SMEs.
Venom Foundation CTO Christopher Louis Tsu commented:
“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”
Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, said the partnership is part of the “quest to place Kenya at the heart of Africa and Global Digital Map.” He also noted that partnering the blockchain group highlights the government’s support for blockchain technology and related financial and technological developments.
In a tweet following the announcement, the CS explained that the collaboration will catalyse further innovation and benefit Kenyans nationally and globally.
More than 84% of Kenyans can access financial services via banks and fintech, but this number could be even higher with the use of blockchain infrastructure. Other than financial inclusion for more people, the blockchain strategy could help revamp the domestic economy, and create new opportunities for people in the country as well as the entire continent.
According to the Venom Foundation, the blockchain hub will be the central platform where companies and other stakeholders forge partnerships, share knowledge, network, and collaboration. Venom will also work with projects and governments towards digital transformation, including offering key blockchain-based solutions in areas such as supply chain management, voting systems, land registry, and tokenization of assets.
The partnership between Venom and Kenya’s government comes just days after the National Treasury delivered the Finance Bill 2023 to lawmakers. Part of the budget proposals in the bill focuses on the taxation of crypto.
Notably, the country has one of the highest number of cryptocurrency owners. It ranks alongside Nigeria and South Africa as the top three destinations for crypto and blockchain innovation on the continent.
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