Venom Inks Deals With Kenyan Government To Launch Blockchain Hub

The Venom Foundation, the organization behind the Venom Network, has agreed a deal to work with the Kenyan government to launch a “blockchain hub” in Africa. The hub will be dedicated to creating new blockchain and Web3 applications.

The Blockchain Hub will serve as a central platform for the blockchain industry’s most influential people and businesses to discuss the latest developments in the blockchain industry and collaborate to find solutions to pressing issues. Some of the entities expected to benefit from the hub include projects, entrepreneurs and government officials.

The hub fits Africa’s development needs

In Kenya, more than 84% of the population has access to mainstream financial services through fintech and banks. Kenya and the rest of Africa can benefit from this partnership, as it prioritizes innovation in key areas including financial infrastructure, supply chain, agribusiness, small and medium enterprises (SMEs) and cross-border trade.

Moses Kuria, Secretary of State for Investment, Trade and Industry, stated: “We are delighted to be working with the Venom Foundation. This collaboration indicates the stance we are taking towards next-generation technology and financial and technological development in the world.”

Venom Foundation’s mission is to improve the lives of people in Africa by promoting the use of blockchain technology to connect local economies and the global market. In addition, it wants to support regional economic growth by facilitating smooth international trade and financial activities.

Investing in blockchain infrastructure is a long-term strategy that will pay off in the form of a more prosperous population, expanded domestic business prospects, new international trade corridors and streamlined intra-African trade routes.

The immediate tangible benefits of the widespread use of Web3 and blockchain technology include lower transaction costs, faster settlement times for cross-border transactions, improved security and transparency, expanded access to financial services, faster settlements and the creation of new investment opportunities through asset tokenization. These developments have the potential to accelerate economic growth and expand access to financial services across the continent.

To help African nations lay a solid foundation for their digital transformation, Venom will also provide essential tools and resources. Supply chain management, land registry, voting systems, asset tokenization and other industries can all greatly benefit from blockchain-based solutions.