Venom Foundation and the Government of Kenya announced a strategic partnership through Venom Africa just over fifteen days after launching the public testnet of its L1 blockchain. This partnership is aimed at creating a “blockchain hub” in Africa that focuses on the development of Web3 and blockchain technology applications.
The Cabinet Secretary for Investments, Trade and Industry in Kenya, Moses Kuria expressed enthusiasm for the partnership, stating that this collaboration signifies the country’s commitment to next-generation technology and financial and technological developments in the world. Establishing this blockchain hub is expected to catalyze further innovations in various industries, benefitting the people of Kenya both nationally and globally.
Making an impact
The partnership’s primary goal is to drive innovation in key sectors like financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade in Kenya and the entire African continent. The implementation of blockchain infrastructure will increase value for the population, create more opportunities for the Kenyan domestic economy, and add efficiency to intra-African trade lines. This will also create new international trade routes and enable seamless cross-border trade and transactions.
Venom Foundation’s blockchain hub in Africa will be a central platform for building partnerships with innovative companies in Africa. It will provide crucial resources and tools to support African countries in developing a solid foundation for digital transformation, including blockchain-based solutions for land registry, voting systems, and supply chain management, among other areas. By advocating for the adoption of blockchain technology, Venom Foundation seeks to endow African communities and create a bridge between traditional finance and trade with the Web3 world.
This partnership is set to minimize transaction costs, enhance security and transparency, increase access to financial services, expedite settlement times for cross-border transactions, create new investment opportunities through asset tokenization, and promote economic development and financial inclusion across the continent.
As the blockchain hub becomes fully operational, it is expected to be a game-changer for various sectors across Africa, including financial services, supply chain management, and trade. By creating a favorable environment for innovation and technological advancements, the partnership will unlock untapped potential and bring unprecedented opportunities for Africa’s economic growth.
The Venom Foundation envisions a global economy where governments, businesses and consumers operate with vastly expanded transactional capabilities through decentralised blockchain based financial systems.