Kenya and Abu Dhabi’s Venom Foundation join forces to develop blockchain, Web3 hub in Africa – Cryptopolitan
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To promote blockchain innovation across key sectors in Africa, Kenya has announced a partnership with Abu Dhabi’s Venom Foundation. The collaboration aims to revolutionize industries such as finance, supply chain, agriculture, business and cross-border trade, according to the May 10 announcement.
A central platform for African technology companies and public entities
The proposed blockchain and Web3 hub will be a central platform for African technology companies and public entities. The hub will facilitate knowledge exchange and stakeholder collaboration, and strengthen the continent’s digital transformation.
The Venom Foundation will provide tools and resources to assist Kenya and other African nations in their digital transformation journey as part of the agreement. This includes blockchain-based solutions for supply chain management, land registries, voting systems and asset tokenization.
Kenya’s Secretary of State for Investment, Trade and Industry, Moses Kuria, underlined the country’s commitment to next-generation technology. He expressed optimism that the blockchain hub would spark further innovations across various industries, benefiting local and global communities.
Africa: A growing hotspot for blockchain innovation
Africa has increasingly become a breeding ground for innovation, particularly in blockchain technology. Data from CV VC reveals a staggering 429% increase in blockchain deals on the continent, with companies raising $474 million last year compared to $90 million in 2021. This growth rate outpaces the global funding average, which only saw a 4% increase.
Christopher Louis Tsu, CTO of the Venom Foundation, highlighted Africa’s abundance of natural resources and human capital. He believes that the introduction of next-generation blockchain technology will empower African nations, allowing them to capitalize on their assets and compete in global markets.
Earlier this year, the Venom Foundation, along with investment manager Iceberg Capital, announced a $1 billion fund for Web3 and blockchain companies. This investment fund aims to attract technology companies to use Venom’s scalable, proof-of-stake blockchain solution.
In addition to the partnership with the Venom Foundation, Kenyan lawmakers have introduced the Finance Bill 2023, which seeks to tax cryptocurrency and nonfungible token (NFT) transfers. The proposal, subject to five rounds of readings, would mandate registered crypto exchanges and NFT marketplaces to deduct 3% of the transfers’ value as payment to the government.
The collaboration between the Kenyan government and the Abu Dhabi-based blockchain platform Venom Foundation marks a significant step forward in the establishment of a blockchain and Web3 hub in Africa.
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