The Venom Foundation recently unveiled its strategic alliance with the Kenyan government to create a blockchain hub in Africa, focusing on the advancement of Web3 and blockchain technology applications. This partnership is set to foster innovation in crucial sectors such as finance, supply chain management, agriculture, small and medium-sized enterprises (SMEs), and cross-border trade, thus benefiting not only Kenya but the entire African continent.
Currently, over 84% of Kenya's population has access to financial services through banks and fintech companies. By adopting blockchain infrastructure as a long-term strategy, the country aims to enhance value for its citizens, boost the domestic economy, establish new international trade routes and improve the efficiency of intra-African trade.
In a recent tweet, the Kenyan government expressed its commitment to positioning Kenya at the center of Africa and the global digital map, attracting global tech companies to tap into Kenya's exceptional tech talent. The partnership with Venom Foundation through Venom Africa highlights Kenya's approach to next-gen technology and financial and technological developments. Africa's commitment to adopting Web3 and blockchain technologies is exemplified by the Venom Foundation's expansion on the continent. The foundation seeks to empower African communities by bridging the gap between traditional finance and trade and the Web3 world, promoting regional economic growth through seamless cross-border trade and transactions. The blockchain hub will serve as a central platform for establishing partnerships with innovative firms, facilitating knowledge exchange, networking and collaboration among key stakeholders in the blockchain space, including projects, entrepreneurs and government officials based in Africa. Venom will provide vital tools and resources to support African countries in laying a solid foundation for digital transformation. This will encompass blockchain-based solutions for supply chain management, land registry, voting systems, asset tokenization and other sectors where blockchain technology can make a substantial impact. The partnership aims to enhance transparency, efficiency and trust across various industries throughout the continent.
Venom Foundation is an ADGM-licensed organization that accelerates the growth of global Web3 projects. The decentralized network operates under the jurisdiction of the Abu Dhabi Global Market (ADGM), making Venom the world's first compliant blockchain, granting authorities and enterprises the freedom to build, innovate and scale.