The Venom Foundation, an Abu Dhabi-based blockchain platform, and the Kenyan government have signed an agreement to establish a blockchain and Web3 center in Africa.
In a statement released on May 10, the alliance said it will seek to encourage blockchain innovation in some of the crucial sectors on the continent, including banking, supply chain, agriculture, business, and cross-border trade.
A common platform for African technology firms and governmental bodies will be provided via the proposed blockchain and Web3 hub. The hub will enhance the continent’s digital transformation by facilitating stakeholder cooperation and information exchange.
As part of the partnership, the Venom Foundation will offer tools and resources to help Kenya and other African countries on their journey toward digital transformation. This includes asset tokenization, voting systems, land registry, supply chain management, and other blockchain-based applications.
Moses Kuria, Kenya’s Cabinet Secretary for Investments, Trade, and Industry, emphasized the nation’s dedication to cutting-edge technology. He expressed confidence that the blockchain hub will lead to more advancements across several industries, which would be advantageous to local and international people.
Particularly in the field of blockchain technology, Africa is fast becoming a hub for innovation. With businesses raising $474 million last year compared to $90 million in 2021, data from CV VC shows a startling 429% surge in blockchain deals across the region. This growth rate outpaces the average level of worldwide financing, which only witnessed a 4% increase.
Africa has a wealth of natural resources and human capital, said Christopher Louis Tsu, CTO of the Venom Foundation. According to him, the use of blockchain technology would enable African countries to take advantage of their resources and compete in the world market.
Venom Foundation and investment manager Iceberg Capital announced a $1 billion fund for Web3 and blockchain businesses earlier this year. This investment fund hopes to draw IT firms to Venom’s scalable, proof-of-stake-based blockchain system.
Kenyan MPs have presented Finance Bill 2023, which aims to tax cryptocurrencies and transfers of nonfungible tokens (NFT), in addition to their collaboration with the Venom Foundation. The plan, which will go through five readings, would require licensed cryptocurrency exchanges and NFT markets to take 3% of the value of each transfer out as a tax contribution to the government.
A significant move towards creating a blockchain and Web3 center in Africa has been made with the assistance of the Kenyan government and the blockchain platform Venom Foundation, which is located in Abu Dhabi.