The Kenyan government and The Venom Foundation have joined forces to establish a “blockchain hub” in Africa. This collaboration aims to drive the development of Web3 and blockchain technology applications in key sectors such as financial infrastructure, supply chain management, small and medium-sized enterprises, and cross-border trade. The partnership is strategically designed to foster innovation in these critical areas, thereby positively impacting Kenya and the entire African region.
Kenya on Blockchain
Kenya has achieved remarkable developments in offering financial services to its population, as more than 84% can access banks and fintech. The government’s plan to introduce blockchain infrastructure in the long run will augment this achievement. This initiative is projected to generate more prospects for the country’s economy, establish fresh global trade routes, and enhance the efficiency of intra-African trade channels.
The expansion of Venom Foundation in Africa showcases the continent’s forward-thinking approach to incorporating web3 and blockchain technologies. This gesture underscores Africa’s commitment to embracing progress and taking the lead in implementation. Venom Foundation aims to strengthen African communities by advocating the incorporation of blockchain technology. This initiative is intended to promote trade and finance between the traditional system and web3 realm, and stimulate regional economic growth by facilitating seamless cross-border transactions.
Benefit of this Collaboration
The adoption of blockchain technology can bring about several benefits, such as reducing transaction costs, enhancing security and transparency, providing greater access to financial services, accelerating cross-border settlements, and creating fresh investment opportunities.
This approach has the potential to make a substantial contribution to economic growth and financial inclusion in Africa. To facilitate partnerships with innovative companies, promote knowledge sharing, encourage networking, and foster collaboration among key stakeholders in the African blockchain community (including entrepreneurs, government officials, and projects), the blockchain hub serves as a central platform.
The collaboration between The Venom Foundation and the Kenyan government has been received with great enthusiasm. Moses Kuria, who serves as the Cabinet Secretary for Investments, Trade and Industry, expressed his excitement about the partnership, stating that it demonstrates their dedication to adopting cutting-edge technology and advancements in finance and technology. By setting up a blockchain hub in Kenya, Kuria believes that it will spur innovation across multiple sectors, delivering advantages to individuals within and outside their boundaries.