Venom Launches Blockchain Hub with Kenyan Government

10 May 2023 – Abu Dhabi, United Arab Emirates

The Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a ‘blockchain hub’ in Africa, focusing on the development of Web 3.0 and blockchain technology applications.

This collaboration aims to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs and cross-border trade, for the benefit of Kenya and the entire African continent.

More than 84% of the Kenyan population has access to financial services through banks and fintech.

However, with the implementation of blockchain infrastructure as a long-term strategy, it will further increase the value to the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and increase the efficiency of intra-African trade lines.

The Venom Foundation’s expansion into Africa highlights the continent’s forward-thinking approach to adopting Web 3.0 and blockchain technologies, demonstrating its commitment to embracing innovation and leading through implementation.

By advocating for the adoption of blockchain technology, the Venom Foundation seeks to empower African communities, bridge traditional finance and commerce with the Web 3.0 world, and stimulate regional economic growth by enabling seamless cross-border trade and transactions.

Tangible benefits that can be realized include minimized transaction costs, increased security and transparency, increased access to financial services, faster settlement times for cross-border transactions and the creation of new investment opportunities through asset tokenization.

These advances have significant potential to contribute significantly to economic development and financial inclusion across the continent.

The blockchain hub will act as a central platform for forging partnerships with innovative companies, promoting knowledge sharing, networking and collaboration between key stakeholders in the blockchain space, such as projects, entrepreneurs and government officials based in Africa.

Venom will also provide essential tools and resources to support African countries in establishing a solid foundation for digital transformation.

This includes blockchain-based solutions for supply chain management, land registries, voting systems, tokenization of assets and other areas where blockchain technology can have a significant impact.

By implementing these solutions, the partnership aims to promote transparency, efficiency and trust across different sectors across the continent.

Christopher Louis Tsu, CTO of the Venom Foundation, said:

“Africa is already rich in natural resources and human capital. By bringing next-generation blockchain technology to the continent, it 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.”

The Kenyan government also expressed enthusiasm for the partnership.

Moses Kuria, Secretary of State for Investment, Trade and Industry, said:

“We are delighted to be working together with the Venom Foundation. This collaboration marks the stance we are taking towards next-generation technology and financial and technological development in the world.

“We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefiting our people both nationally and globally.”

About the Venom Foundation

Venom Foundation is licensed by ADGM and enables the acceleration of global Web 3.0 projects. The decentralized network operates under the jurisdiction of ADGM (Abu Dhabi Global Market).

ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first interoperable blockchain, giving governments and businesses the freedom to build, innovate and scale.

A portfolio of internal DApps and protocols have been developed on the Venom blockchain by various companies.

With dynamic sharding capabilities, low fees, ultra-fast speed and scalability, Venom has the potential to serve as the core infrastructure for a global ecosystem of Web 3.0 applications, with ultra-fast transaction speeds and infinite scalability to meet the demands of an ever-growing user base.

For more information on the launch of the Venom test network, visit here.

For more information on the Venom Foundation, visit the links below.

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Contact

Adam Newton, Venom Ventures