With their recent testnet launch and hackathon, Venom has garnered a lot of attention, and now they’ve inked an MOU with the Kenyan government to establish a blockchain center in Kenya dedicated to the development of Web3 apps.
The strategic agreement between the Venom Foundation and the Government of Kenya would concentrate on the creation of Web3 and blockchain technology applications. In order to benefit Kenya and the whole African continent, the alliance intends to promote innovation in important industries including financial infrastructure, supply chains, agribusiness, SMEs, and cross-border commerce.
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
Banks and fintech companies provide financial services to more than 84% of Kenyans. However, if blockchain infrastructure is implemented as a long-term plan, it will further boost population value, expand local economic prospects in Kenya, open up new international trade channels, and improve intra-African trade lines.
Africa’s innovative approach to integrating web3 and blockchain technology is highlighted by Venom Foundation’s entry into the continent, demonstrating its dedication to embracing innovation and leading via implementation. Venom Foundation promotes the use of blockchain technology with the goals of empowering African people, building a link between conventional banking and commerce and the web 3 world, and promoting smooth cross-border trade and transactions to promote regional economic development. Minimized transaction costs, improved security and transparency, expanded access to financial services, accelerated cross-border settlement times, and the introduction of new investment possibilities via asset tokenization are all concrete advantages that may be obtained. These developments have the potential to significantly aid in the continent’s economic growth and financial inclusion.
The blockchain hub will serve as a focal point for forming alliances with creative businesses, encouraging information exchange, networking, and cooperation among significant players in the blockchain sector, including initiatives, business owners, and government representatives situated in Africa. Venom will also provide essential tools and resources to help African nations establish a strong foundation for digital transformation. This comprises blockchain-based solutions for property registration, supply chain management, Voting systems, the tokenization of assets, and other sectors where potential applications for blockchain technology can be applied. The collaboration wants to encourage openness, effectiveness, and trust in a variety of industries throughout the continent by putting these ideas into practice.
Christopher Louis Tsu, CTO for 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 praised the collaboration with delight as it signifies development for the nation in terms of technology and finance.
Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, stated, “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.”