- Emerging Web3.0 startup Venom Foundation is making a move into Africa with a partnership with the Kenyan Government.
- The partnership is deemed a mutually beneficial one for all parties of interest.
Only a few days after the recent launch of its testnet on the network, Venom Foundation has inked a strategic partnership with the Government of Kenya towards the establishment of a blockchain hub in Africa. Based on the plan, this blockchain hub will channel its focus toward the development of Web 3.0 and blockchain technology-inclined applications.
Ultimately, the goal of the partnership is to steer innovation in the direction of financial infrastructure, supply chain, agriculture, small and medium-scale enterprises (SMEs), and cross-border trade for the collective benefit of Africa. Noteworthy, the Kenyan domestic economy stands at a point of advantage in this deal with Venom Foundation.
Kenya is the economic hub of East Africa and apart from an improvement in the value of the population, it will facilitate the development of international trade routes. Importantly, this will also be a bridge between traditional finance and the more advanced Web 3.0 processes. Cross-border transactions will become seamless with minimized transaction costs, enhanced security, and transparency, and this will lead to regional economic growth.
Moses Kuria, the cabinet secretary(CS) for Investments, Trade and Industry confirmed the collaboration with Venom Foundation in a tweet.
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
“In our continued quest to place Kenya at the heart of Africa and the Global Digital Map, we have accelerated our efforts to attract global tech companies seeking to tap into Kenya’s unbelievable tech talent. The latest in this is leading blockchain Venom,” Honourable Kuria tweeted.
He insisted that the deal symbolizes Kenya’s stance towards next-generation technology, as it concerns both financial and technological development.
The investment and trade minister believes that this is the birth of an era of more innovation across several other industries. He opined that the partnership will attract and speed up additional deals in the near future. In the long run, the benefits go beyond Kenya and will span across the globe.
Africa Remains Receptive to Blockchain Technology
Africa is one of the fast-growing continents in terms of its adoption of blockchain technology as well as cryptocurrencies. Adaverse, a joint venture between EMURGO and Everest Ventures Group (EVG) and Cardano’s official accelerator, connected Africa with Asia through Cardano only last week. Markedly, Adaverse chose to connect Africa with an interest in companies that provide value to meet consumer pain points.
The companies in Africa which fell into this category according to Adaverse were Afriex, Seso Global, Ejara, Canza Finance, and Cassava Network. At the same time, the Cardano accelerator acknowledges that developing countries like Africa lack certain financial tools, hence the need to step in and form collaborations with the government.
Another deal was signed with Pyypl, a partner of financial technology payment giant Ripple Labs last month. This particular collaboration was achieved with Kenya’s Tuk Tuk Operators Network (TTON). Again, this recent expansion of Venom into Africa through Kenya is another indication of the forward-thinking attitude of the governments in this region.
