Venom Foundation, the team behind the ADGM-licensed decentralized network, has signed a Memorandum of Understanding (MOU) with the Kenyan government to set up a blockchain hub.
Venom Foundation partners with Kenyan government
Through the partnership, Venom Foundation seeks to stimulate regional economic growth by enabling seamless cross-border trade and transactions, as well as providing essential tools and resources to assist African countries lay the solid foundation needed for digital transformation.
The blockchain hub will act as a central platform for forging partnerships with innovative companies, focused on the development of web3 applications, with the aim of empowering African communities, creating a bridge between traditional finance and the web3 world.
The hub would foster knowledge sharing, networking, and collaboration among key players in the African blockchain space, such as crypto projects, entrepreneurs, and government officials in the continent.
The Kenyan government has expressed enthusiasm for the partnership, through Moses Kuria, the Cabinet Secretary for the Ministry of Investments, Trade and Industry of Kenya.
Kuria believes that the partnership with the Venom Foundation signifies Kenya’s stance towards the adoption of next-gen technology, that would facilitate financial and technological developments, which would catalyze further innovations in various industries, benefiting people both nationally and globally.
Christopher Louis Tsu, CTO of the Venom Foundation, also commented:
“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.”
Innovating the financial sector
The Kenyan blockchain hub is designed to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, which would be economically beneficial to Kenya and the entire African continent.
With more than 84% of the Kenyan population already having access to financial services through banks and fintech, the implementation of blockchain infrastructure as a long-term strategy will further increase the value for the population, and create more opportunities for the Kenyan domestic economy.
The partnership between the Venom Foundation and the Kenyan government highlights Africa’s forward-thinking approach to adopting blockchain technologies, showing its commitment to embracing innovation and leading implementation.
The possible 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/funding opportunities through asset tokenization.
These advancements can significantly contribute to economic development and financial inclusion across the continent.
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