Abu Dhabi, UAE, May 10th, 2023, Chainwire
Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a "blockchain hub" in Africa, focusing on developing Web3 and blockchain technology applications. This collaboration aims to drive innovation in critical sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, benefiting Kenya and the entire African continent.
More than 84% of the Kenyan population has access to financial services through banks and fintech. However, implementing blockchain infrastructure as a long-term strategy will further increase the value for the people, create more opportunities for the Kenyan domestic economy, create new international trade routes and increase the efficiency of intra-African trade lines.
Venom Foundation's expansion into Africa highlights the continent's forward-thinking approach to adopting web3 and blockchain technologies, showcasing its commitment to embracing innovation and leading through implementation. By advocating for the adoption of blockchain technology, Venom Foundation seeks to empower African communities, create a bridge between traditional finance and trade with the web3 world, and stimulate regional economic growth by enabling seamless cross-border trade and transactions. Tangible benefits that can be realized include minimized transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and the creation of new investment opportunities through asset tokenization. These advancements can substantially contribute to economic development and financial inclusion across the continent.
The blockchain hub will act as a central platform for forging partnerships with innovative companies, fostering knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space, such as projects, entrepreneurs, and government officials based in Africa. Venom will also supply crucial tools and resources to support African countries in establishing a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, land registry,
voting systems, tokenization of assets, and other areas where blockchain technology can significantly impact. The partnership aims to promote transparency, efficiency, and trust across various African sectors by implementing these solutions.
Christopher Louis Tsu, CTO of the Venom Foundation, commented, "Africa is already rich in natural resources and human capital; by bringing next-generation blockchain technology to the continent, it 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."
The Kenyan government also expressed enthusiasm for the partnership. The Cabinet Secretary for Investments, Trade, and Industry, Moses Kuria stated, "We are excited to work 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. We believe that establishing this blockchain hub will catalyze further innovations in various industries, benefitting our people nationally and globally."
About Venom Foundation
The ADGM licenses Venom Foundation and enables the acceleration of global Web3 projects. The decentralized network operates under the Abu Dhabi Global Market (ADGM) jurisdiction. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world's first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
Various companies have developed a portfolio of in-house dApps and protocols on the Venom blockchain. With capabilities of dynamic sharding, low fees, ultra-fast speed, and scalability, Venom harbors the potential to function as the central infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever-expanding user base.
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