Venom launches a blockchain hub in Kenya

The Venom Foundation, which is licensed by Abu Dhabi Global Market and is the entity developing the Venom blockchain, has entered into 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 promoting the development of Web3 and blockchain technology applications across the continent. The initiative aims to drive 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 for its blockchain in April and in one of the first major announcements 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 – cross-border trade and SMEs.

Venom Foundation CTO Christopher Louis Tsu commented:

“Africa is already rich in natural resources and human capital, bringing next generation blockchain technology to the continent will empower its 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, Secretary of State for Investment, Trade and Industry, said the partnership is part of “the quest to place Kenya at the heart of Africa and the Global Digital Map.” He also noted that partnership with the blockchain group highlights the government’s support for blockchain technology and related economic and technological development.

In a tweet following the announcement, the CS explained that the collaboration will catalyze further innovation and benefit Kenyans nationally and globally.

This collaboration with @VenomFoundation through @venomafrica signifies Kenya’s stance on next-generation technology, financial and technological development, and will catalyze further innovations in various industries, benefiting people both nationally and globally.

— CS Moses Kuria (@HonMoses_Kuria) 9 May 2023

More than 84% of Kenyans can access financial services through banks and fintech, but this number could be even higher using blockchain infrastructure. Apart from financial inclusion for more people, the blockchain strategy can help renew the domestic economy, creating new opportunities for the people of 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 enter into partnerships, share knowledge, network and collaborate. Venom will also work with projects and governments towards digital transformation, including providing key blockchain-based solutions in areas such as supply chain management, voting systems, land registry and tokenization of assets.

The partnership between Venom and the Government of Kenya 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.