Venom Foundation announces strategic partnership with the Government of Kenya
- The partnership is through Venom Africa.
- Venom seeks to establish a “blockchain hub” in Africa.
- The hub will focus on the development of Web3 and blockchain technology applications.
Just over fifteen days after launching the public testnet of its L1 blockchain, Venom Foundation has announced a strategic partnership with the Government of Kenya through Venom Africa. The partnership is a great step towards establishing a “blockchain hub” in Africa focusing on the development of Web3 and blockchain technology applications.
Expressing enthusiasm for the partnership, the Cabinet Secretary for Investments, Trade and Industry, in Kenya, Moses Kuria said:
“We are excited to work together 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 the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”
This partnership with @VenomFoundation through @venomafrica signifies Kenya’s stance towards next-gen technology, financial and technological developments, and will catalyze further innovations in various industries, benefitting people both nationally and globally.
— CS Moses Kuria (@HonMoses_Kuria) May 9, 2023
This partnership is aimed at driving innovation in key sectors like financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, in Kenya and the entire African continent.
Impact on financial services
Currently, more than 84% of the Kenyan population has access to financial services through banks and fintech.
The implementation of blockchain infrastructure will increase value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra-African trade lines.
By advocating for the adoption of blockchain technology, Venom Foundation is seeking to endow African communities and create a bridge between traditional finance and trade with the web3 world. It also wants to stimulate regional economic growth by enabling seamless cross-border trade and transactions.
The population will benefit from:
- Minimized transaction costs
- Enhanced security and transparency
- Increased access to financial services
- Expedited settlement times for cross-border transactions
- Creation of new investment opportunities through asset tokenization.
- Economic development and financial inclusion across the continent.
Venom’s blockchain hub in Africa
The blockchain hub will be a central platform for building partnerships with innovative companies in Africa.
Venom will also supply crucial resources and tools to support African countries in developing a solid foundation for digital transformation including blockchain-based solutions for land registry, voting systems, and supply chain management among other areas. Venom will primarily be seeking to promote efficiency, transparency and trust across various sectors in Africa.