Venom to launch a Blockchain Hub with Kenyan Government to promote innovation in crucial sectors
The folks over at Venom, a blockchain startup based in Abu Dhabi, have been putting in a lot of hard work in recent months. And it seems to have paid off! Just last week, Venom hit a major milestone in its first public testnet. In just seven days of testing, the Venom Blockchain testnet saw an impressive 220,000 unique wallets created, 69 million transactions completed, and 1.37 million NFTs minted.
The impressive numbers over such a short period of time are a testament to the team’s hard work and also demonstrate the potential of Venom’s blockchain technology and have likely garnered attention from investors and users alike.
Fast forward less than a week later, Venom has inked a deal to launch a blockchain hub with the Kenyan government. Venom Foundation on Wednesday announced a strategic partnership with the Government of Kenya to create a “blockchain hub” in Africa, with a focus on developing Web3 and blockchain technology applications.
The collaboration’s objective is to promote innovation in crucial sectors, including financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, providing benefits to both Kenya and the African continent as a whole, Venom said in a news release on Chainwire.
This partnership stands out because it places Venom in a unique position among blockchain companies that are focused on building the essential blockchain infrastructure in Africa. In doing so, Venom has the potential to bring about significant changes that will have a lasting impact on the continent.
The Kenyan government also showed great excitement and interest in this newly formed partnership. In a statement, Moses Kuria, Cabinet Secretary, Ministry of Investments, Trade and Industry of The Republic of Kenya, said:
“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.”
Kuria also took to social media to share the importance of this partnership. In a post on Twitter, he said:
“This partnership with @VenomFoundation through @venomafrica signifies Kenya’s stance towards next-gen technology, financial and technological developments, and will catalyze further innovations in various industries, benefitting people both nationally and globally,”
This partnership with @VenomFoundation through @venomafrica signifies Kenya's stance towards next-gen technology, financial and technological developments, and will catalyze further innovations in various industries, benefitting people both nationally and globally.
— CS Moses Kuria (@HonMoses_Kuria) May 9, 2023
Currently, over 84% of the Kenyan population has access to financial services through banks and fintech. However, the implementation of blockchain infrastructure as a long-term strategy 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.
The recent expansion of Venom Foundation into Africa demonstrates the continent’s progressive approach to adopting web3 and blockchain technologies, indicating its willingness to embrace innovation and lead through implementation.
By promoting the adoption of blockchain technology, Venom Foundation seeks to empower African communities, bridge the gap between traditional finance and trade with the web3 world, and foster regional economic growth by facilitating seamless cross-border trade and transactions. Advancements such as 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 hold the substantial potential to contribute significantly to economic development and financial inclusion across the continent.
The blockchain hub will act as a central platform for establishing partnerships with innovative companies, promoting knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space, including projects, entrepreneurs, and government officials based in Africa. Venom Foundation will also provide critical tools and resources to support African countries in establishing a solid foundation for digital transformation, including blockchain-based solutions for supply chain management, land registry, voting systems, asset tokenization, and other areas where blockchain technology can have a significant impact. By implementing these solutions, the partnership aims to promote transparency, efficiency, and trust across various sectors throughout the continent.
“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,” Christopher Louis Tsu, CTO of the Venom Foundation said.
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.