The Venom Foundation, the organisation behind the Venom Network, has agreed on a deal to collaborate with the Kenyan government to launch a “blockchain hub” in Africa. The hub will be dedicated to creating new blockchain and Web3 applications.
The blockchain hub will serve as a central platform for the blockchain industry’s most influential people and enterprises to discuss the latest developments in the blockchain industry and work together to find solutions to pressing problems. Some of the entities expected to benefit from the hub include projects, entrepreneurs and government officials.
The hub befits Africa’s development needs
In Kenya, more than 84% of the population access mainstream financial services through fintech and banks. Kenya and the rest of Africa stand to gain from this partnership, as it prioritise innovation in vital areas including financial infrastructure, supply chain, agribusiness, small and medium-sized enterprises (SMEs), and cross-border trade.
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.”
Venom Foundation’s mission is to improve the lives of people in Africa by promoting the use of blockchain technology to connect local economies and the global market. Additionally, it aspires to support regional economic growth by facilitating hassle-free international trade and financial activities.
Investing in blockchain infrastructure is a long-term strategy that will pay off in the form of a more prosperous populace, expanded domestic business prospects, new international trade corridors, and streamlined intra-African trade routes.
The immediate tangible benefits of the widespread adoption of Web3 and blockchain technology include lower transaction costs, faster settlement times for cross-border transactions, improved security and transparency, expanded access to financial services, faster settlement and the creation of new investment opportunities through asset tokenization. These developments have the potential to greatly accelerate economic growth and broaden access to financial services across the continent.
To help African nations lay a firm groundwork for their digital transformation, Venom will also provide essential tools and resources. Supply chain management, land registry, voting systems, asset tokenization, and other industries can all benefit greatly from blockchain-based solutions.