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-sized enterprises (SMEs), and cross-border trade, benefiting Kenya and the whole African continent.
More than 84% of Kenyans have access to financial services via banks and fintech. Yet, implementing blockchain infrastructure as a long-term plan will boost the population’s worth, build greater prospects for the Kenyan domestic economy, open up new international trade pathways, and improve the effectiveness of intra-African trade lines.
The growth of Venom Foundation into Africa demonstrates the continent’s forward-thinking approach to web3 and blockchain technologies, demonstrating its dedication to welcoming innovation and resulting through implementation.
Venom Foundation aims to strengthen African communities, build a bridge between conventional finance and trade and the web3 space, and promote regional economic growth by facilitating seamless cross-border trade and transactions by pushing for the adoption of blockchain technology.
Reduced transaction costs, boosted security and transparency, increased access to financial services, accelerated settlement times for cross-border transactions, and the development of new investment possibilities are all apparent advantages that can be realized through asset tokenization.
These developments have an opportunity to significantly contribute to economic development and financial inclusion across Africa.
The blockchain hub will serve as a central platform for forming partnerships with innovative companies, as well as promoting the exchange of knowledge, networking, and working together among 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 assist African countries in laying a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, land registry, and so on.
Voting systems, asset tokenization, and other regions where blockchain technology can have an important effect.
By implementing these solutions, the collaboration hopes to foster transparency, efficiency, and trust across different 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 the people and assist not only Kenya but many other African nations in capitalizing on their assets and competitively participating in new global markets.
The Kenyan government also conveyed excitement for the collaboration. “We are excited to work with the Venom Foundation,” said Moses Kuria, Cabinet Secretary for Investments, Trade, and Industry.
This collaboration represents our stance on next-generation technology, as well as global financial and technological developments. We believe that establishing this blockchain hub will catalyze additional innovations in various industries, benefiting our people both nationally and globally.”
The ADGM has granted Venom Foundation permission to accelerate global Web3 projects. The Abu Dhabi Global Market (ADGM) is in charge of the decentralized network. The ADGM is a haven for investors and financial services firms, establishing Venom as the world’s first compliant blockchain, allowing governments and businesses to build, innovate, and scale.
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