[PRESS RELEASE – Abu Dhabi, UAE, May 10th, 2023]
Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a “blockchain hub” in Africa, focusing on the development of Web3 and blockchain technology applications. This collaboration aims to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, benefiting Kenya and the entire African continent.
More than 84% of the Kenyan population has access to financial services through banks and fintech. However, with the implementation of blockchain infrastructure as a long-term strategy it will further increase the value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra-African trade lines.
Venom Foundation’s expansion into Africa highlights the continent’s forward-thinking approach to adopting web3 and blockchain technologies, showcasing its commitment to embracing innovation and leading through implementation. By advocating for the adoption of blockchain technology, Venom Foundation seeks to empower African communities, create a bridge between traditional finance and trade with the web3 world, and stimulate regional economic growth by enabling seamless cross-border trade and transactions. Tangible benefits that can be realized include minimized transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and the creation of new investment opportunities through asset tokenization. These advancements hold considerable potential to substantially contribute to economic development and financial inclusion across the continent.
The blockchain hub will act as a central platform for forging partnerships with innovative companies, fostering knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space, such as projects, entrepreneurs, and government officials based in Africa. Venom will also supply crucial tools and resources to support African countries in establishing a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, land registry,
voting systems, tokenization of assets, and other areas where blockchain technology can make a significant impact. By implementing these solutions, the partnership aims to promote transparency, efficiency, and trust across various sectors throughout the continent.
Christopher Louis Tsu, CTO of 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 expressed enthusiasm for the partnership. 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.”
About Venom Foundation
Venom Foundation is licensed by the ADGM and enables the acceleration of global Web3 projects. The decentralized network operates under the jurisdiction of the Abu Dhabi Global Market (ADGM). The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. With capabilities of dynamic sharding, low fees, ultra-fast speed, and scalability, Venom harbors the potential to function as the main infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever-expanding user base.
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