Venom is Working With the Kenyan Government to Establish a ‘Blockchain Hub’

Cryptocurrency adoption in Africa has been gaining traction over the last few years fueled by advancements in tech and internet connection. According to a report by MFW4A – Making Finance Work for Africa, blockchain adoption grew by over 1,200% between July 2020 and June 2021, making it one of the fastest-growing continents in terms of adoption.

Countries like Kenya, Sudan, South Africa, Nigeria, and Ghana have already adopted the blockchain in one way or another. The banking, supply chain, and health sectors appear to be the leading sectors in Africa to adopt blockchain.

Hence, the Venom Foundation’s entrance into the continent through a strategic partnership with the Government of Kenya (GoK) will only serve as a boost to existing and ongoing developments around blockchain technology in the region.

Venom and the Kenyan Government to Focus on Blockchain Technology and Web3 Solutions

Venom through a recently signed partnership with GoK seeks to enhance development in blockchain technology and related Web3 applications.

According to an announcement by the Foundation, the purpose of the partnership is to drive innovation in critical sectors of the economy, encompassing the financial infrastructure, agriculture, supply chain, cross-border trade, and Small and Medium Size Enterprises (SMEs).

While the initial focus is on the Kenya economy, Venom believes the biggest economy in East Africa will spearhead the adoption of the technology in African countries.

Kenya, one of the most technologically advanced countries in Africa has more than 84% of its population connected to financial services via banks and fintech.

The implementation of blockchain infrastructure as a long-term strategy is bound to fast-track benefits for its growing needs and increase value for its citizens as more and more organizations will be able to build opportunities within the local economy in addition to creating new international trade routes and streamlining intra African trade lines to achieve maximum efficiency.

Africa Is Ripe for Blockchain Adoption

The expansion of Venom Foundation into the African continent reveals Africa’s readiness for emerging technologies like Web3 and artificial intelligence (AI).

African leaders highlight the region’s forward-thinking approach to these innovative technologies and are showing their commitment to innovation through implementation.

Venom aims to empower African communities by promoting the adoption of blockchain technology to bridge the gap between traditional finance and the web3 world to spur regional economic growth and facilitate seamless cross-border trade and transactions.

The benefits of this technology are numerous, starting with reduced transaction costs, enhanced security and transparency, accessibility to financial services, and faster settlement times for cross-border transactions to the creation of new investment opportunities through asset tokenization.

These advancements can significantly contribute to economic development and financial inclusion throughout the African continent.

Venom’s Blockchain Hub in Collaboration with GoK

The introduction of the blockchain hub through a strategic partnership with the Kenyan government is central to cultivating collaborations with other innovative companies. It will serve as the springboard to knowledge sharing and networking among key industry leaders in the blockchain space including business people, projects, and government officials across the continent.

Venom has committed to supplying essential tools and resources to be used to support the establishment of a solid foundation for blockchain and Web3 transformation in the region.

The Foundation will provide different resources such as blockchain-based solutions for supply chain management, land registry systems, voting systems, asset tokenization, and other areas that were not mentioned but could benefit from the adoption of blockchain technology and web3 solutions.

This partnership’s primary goal is to foster transparency, efficiency, and trust across multiple industries in Africa. With the implementation of the above solutions, this initiative seeks to ensure that businesses and organizations in the continent operate responsibly and with a high level of integrity.

“Africa is already rich in natural resources and human capital, bringing next-generation blockchain technology to the continent will empower the people and help not only Kenya but many other African nations to capitalize on their assets and participate in new global markets, competitively,” Christopher Louis Tsu, CTO for the Venom Foundation said in a statement.

The Kenya government through the Cabinet Secretary for Investments, Trade, and Industry, Moses Kuria lauded the partnership as a significant stance towards the adoption of “next-generation technology.”

“We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology and financial and technological developments in the world,” Kuria said. “We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

The Venom Foundation – Enabling The Acceleration of Global Web3 Projects

Venom Foundation is a blockchain platform licensed by the Abu Dhabi Global Market (ADGM), offering a compliant environment for global Web3 projects.

As a decentralized network, Venom enables authorities and enterprises to build, innovate, and scale while operating under the jurisdiction of the ADGM, a hub for investors and financial services firms.

Several companies have developed in-house decentralized applications (dApps) and protocols on the Venom blockchain, leveraging its dynamic sharding, low fees, and ultra-fast speed and scalability.

This has positioned Venom as a potential main infrastructure for a global ecosystem of Web3 applications, with the ability to handle fast transactions and an expanding user base.

Related Articles:

• Google Leaked Memo Titled ‘We Have No Moat’ as Threat of Open-Source AI Rises
• Foxconn Invests $500 Million in India Weeks after Apple Launched Its First Retail Store
• Lacking AI Innovation Funding Could Leave the US in the Dust