Building the Blockchain Hub
The Venom Foundation has signed a Memorandum of Understanding (MOU) with the Kenyan government to set up a blockchain hub. This hub will serve as a central platform for forging partnerships with innovative companies focused on developing web3 applications.
Stimulating Regional Economic Growth
Through the partnership, Venom Foundation seeks to stimulate regional economic growth by enabling seamless cross-border trade and transactions. This will provide essential tools and resources to assist African countries in laying the solid foundation needed for digital transformation.
Empowering African Communities
The blockchain hub will foster knowledge sharing, networking, and collaboration among key players in the African blockchain space, such as crypto projects, entrepreneurs, and government officials. By empowering African communities, the hub will create a bridge between traditional finance and the web3 world.
Innovating the Financial Sector
The Kenyan blockchain hub is designed to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade. These sectors are crucial to the economic well-being of Kenya and the entire African continent.
Expanding Access to Financial Services
With over 84% of the Kenyan population already having access to financial services through banks and fintech, the implementation of blockchain infrastructure will further increase value for the population. This long-term strategy will create more opportunities for the Kenyan domestic economy and contribute to financial inclusion.
Embracing Blockchain Technology
The partnership between the Venom Foundation and the Kenyan government highlights Africa’s forward-thinking approach to adopting blockchain technologies. By showing its commitment to embracing innovation and leading implementation, Africa demonstrates its readiness to harness the benefits of blockchain technology.
Promoting Economic Development and Financial Inclusion
The potential benefits of blockchain technology include minimized transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and new investment/funding opportunities through asset tokenization. These advancements can significantly contribute to economic development and financial inclusion across the continent, showcasing the transformative power of blockchain technology in Africa.