After gaining attention through their testnet launch and hackathon, Venom has now signed a Memorandum of Understanding (MOU) with the Kenyan government. The objective of this collaboration is to establish a dedicated blockchain center in Kenya, focused on the development of Web3 applications.
The Venom Foundation and the Government of Kenya have entered into a strategic agreement to focus on the development of Web3 and blockchain technology applications. The alliance aims to foster innovation in crucial sectors such as financial infrastructure, supply chains, agribusiness, SMEs, and cross-border trade for the benefit of Kenya and the entire African continent.
Kenya’s collaboration with the Venom Foundation, represented by Venom Africa, demonstrates the country’s commitment to embracing advanced technologies and driving progress in finance and technology. This partnership is expected to spark further innovations across various industries, providing benefits to people not only within Kenya but also on a global scale.
CS Moses Kuria (@HonMoses_Kuria) May 9, 2023
Over 84% of Kenyans currently rely on banks and fintech companies for their financial services. However, the implementation of blockchain infrastructure as a long-term strategy has the potential to significantly enhance the value of the population, broaden local economic opportunities, establish new international trade avenues, and enhance trade within Africa.
Venom Foundation’s entry into Africa highlights the continent’s innovative approach to integrating web3 and blockchain technology. The foundation’s dedication to embracing innovation and leading through implementation is evident. By promoting blockchain technology, Venom Foundation aims to empower African individuals, bridge the gap between traditional banking/commerce and the web3 world, and facilitate seamless cross-border trade and transactions for regional economic development. The tangible benefits include reduced transaction costs, enhanced security and transparency, increased access to financial services, faster cross-border settlements, and the introduction of new investment opportunities through asset tokenization. These advancements have the potential to greatly contribute to Africa’s economic growth and financial inclusion.
The blockchain hub will act as a central location for building partnerships, fostering information sharing, networking, and collaboration among key stakeholders in the blockchain industry, including projects, entrepreneurs, and government representatives in Africa. Venom Foundation will also offer essential tools and resources to support African nations in laying a strong foundation for digital transformation. This includes blockchain-based solutions for property registration, supply chain management, voting systems, asset tokenization, and other sectors where blockchain technology can be utilized. The collaboration aims to promote transparency, efficiency, and trust in various industries across the continent by implementing these concepts.
Christopher Louis Tsu, the Chief Technology Officer of Venom Foundation, expressed that by introducing advanced blockchain technology to Africa, it has the potential to empower its people and enable not only Kenya but also other African countries to leverage their resources and engage in new global markets with a competitive edge. This move aims to unlock the continent’s rich natural resources and human capital for the benefit of its people and the overall development of Africa.
he collaboration with the Venom Foundation has been warmly welcomed by the Kenyan government. Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, expressed his enthusiasm, stating that this partnership reflects their commitment to embracing advanced technology, financial advancements, and technological developments worldwide. He believes that the establishment of the blockchain hub will drive further innovations across various industries, benefiting the people of Kenya on a national and global scale.
