Venom Foundation, Kenyan Government Partner to Launch a Blockchain Hub

The Venom Foundation recently revealed a strategic partnership with the Kenyan government to establish an African “blockchain hub” focused on the development of Web3 and blockchain technology applications.

This partnership seeks to promote innovation in major industries such as financial infrastructure, supply chain, agriculture, small and medium enterprises (SMEs) and cross-border trade, for the benefit of Kenya and the entire African continent.

More than 84% of Kenyans have access to financial services through banks and fintech. Nevertheless, implementing blockchain infrastructure as a long-term plan will increase the value of the population, build greater prospects for the Kenyan domestic economy, open up new international trade routes and improve the efficiency of intra-African trade lines.

The growth of the Venom Foundation into Africa demonstrates the continent’s forward-looking approach to web3 and blockchain technologies, demonstrating its dedication to embracing innovation and delivering results through implementation.

The Venom Foundation aims to empower African communities, build a bridge between conventional finance and trade and the web3 space, and promote regional economic growth by facilitating seamless trade and transactions across borders by pushing for the adoption of blockchain technology .

Reduced transaction costs, increased security and transparency, increased access to financial services, accelerated settlement times for cross-border transactions and the development of new investment opportunities are all obvious benefits that can be realized through asset tokenization.

This development has an opportunity to contribute significantly to economic development and financial inclusion across Africa.

The blockchain hub will serve as a central platform to form partnerships with innovative companies, as well as promote knowledge exchange, networking and collaboration between major stakeholders in the blockchain field, such as projects, entrepreneurs and government officials centered in Africa.

Venom will also provide critical tools and resources to help African countries lay a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, cadastre and so on.

Voting systems, asset tokenization and other regions where blockchain technology can have an important impact.

By implementing these solutions, the collaboration hopes to promote transparency, efficiency and trust across various industries across the continent.

According to Christopher Louis Tsu, CTO of the Venom Foundation, 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 capitalize on their assets and competitively participate in new global markets.

The Kenyan government also expressed enthusiasm for the collaboration. “We are delighted to be working with the Venom Foundation,” said Moses Kuria, Secretary of State for Investment, Trade and Industry.

This collaboration represents our stance on next-generation technology, as well as global financial and technological development. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, to the benefit of our people both nationally and globally.”

ADGM has authorized the Venom Foundation to accelerate global Web3 projects. Abu Dhabi Global Market (ADGM) is responsible for the decentralized network. A haven for investors and financial services firms, ADGM establishes Venom as the world’s first interoperable blockchain, allowing governments and businesses to build, innovate and scale.

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