Kenya Collaborates With The Venom Foundation In Abu Dhabi to Create a Blockchain and Web3 Center

The blockchain and Web3 hub will act as a platform for information sharing and teamwork across African government agencies and digital companies.

Source: u.today

To establish a blockchain and Web3 hub in Africa, the Kenyan government has signed an agreement with the Venom Foundation, an Abu Dhabi-based blockchain platform.  According to the May 10 release, the alliance would work to promote blockchain innovation in the important industries of the continent, including banking, supply chain, agriculture, business, and cross-border commerce.

The anticipated blockchain and Web3 center would act as a focal point for African government agencies and ICT firms, promoting stakeholder cooperation and information sharing. In accordance with the agreement, Venom will offer tools and materials to assist Kenya and other African nations with their digital transformation. These materials and tools will include blockchain-based solutions for asset tokenization, land registration, voting systems, and supply chain management.

The agreement, Moses Kuria claims that Kenya's Cabinet Secretary for Investments, Trade, and Industry, demonstrates the nation's attitude towards emerging technologies. "We believe that the establishment of this blockchain hub will spark additional innovations across a number of industries, benefiting both our domestic and global populations," he said.

Africa as a whole, including Kenya, is becoming a hub for innovation that uses blockchain technology. CV VC statistics shows that the number of blockchain deals on the continent increased by 429% last year, when firms raised $474 million, up from $90 million in 2021. The report also indicated that those figures exceeded the average level of worldwide financing, which increased by only 4%. Natural resources and human capital are already abundant in Africa, according to Venom Foundation CTO Christopher Louis Tsu. Next-generation blockchain technology will empower the people, help not only Kenya yet many other African nations to capitalize on their wealth and participate in emerging global markets competitively

Africa's Web3 economy will take off further thanks to DeFi-based financial inclusion

The Venom Foundation and Iceberg Capital unveiled a $1 billion fund for Web3 and blockchain companies in January. The investment fund will try to persuade IT companies to embrace Venom's scalable, blockchain-based proof-of-stake solution. Kenyan legislators have tabled Finance Bill 2023, which aims to tax transfers of cryptocurrency and non-fungible tokens (NFT). According to the plan, which will go through five readings, licensed crypto exchanges and NFT markets must withhold 3% of each transfer's value as a fee for the government.

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