Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a blockchain hub in Africa, focusing on the development of Web3 and blockchain technology applications. This collaboration aims to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, benefiting Kenya and the entire African continent.

We are excited to announce that the Venom Foundation has partnered with the Government of Kenya to establish a cutting-edge blockchain hub in Nairobi, Kenya.

Our aim is to drive innovation across multiple industries that can benefit from the power of blockchain technology. pic.twitter.com/muW41wSsX2

— Venom Foundation (@VenomFoundation) May 10, 2023

Cabinet Secretary, Ministry of Investments, Trade & Industry of The Republic of Kenya Moses Kuria expressed and commented on the partnership via Twitter saying,

“This partnership signifies Kenya’s stance towards next-gen technology, and financial development, and will catalyze further innovations in various industries, benefitting people both nationally and globally. Furthermore, the partnership will focus on the development of Web3 and blockchain technology applications.”

Christopher Louis Tsu, CTO of the Venom Foundation, also 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.”

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 hold considerable potential to 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 make a significant impact. By implementing these solutions, the partnership aims to promote transparency, efficiency, and trust across various sectors throughout the continent.

Venom Foundation is licensed by the Abu Dhabi Global Market (ADGM) and enables the acceleration of global Web3 projects. The decentralized network operates under the jurisdiction of the ADGM. 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.