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The partnership will try to contribute to the development of blockchain innovation in key sectors of the continent, including finance, supply chains, agriculture, business and cross-border trade, the May 10 announcement said.
The planned blockchain and Web3 hub will serve as a central platform for African tech companies and governments, facilitating knowledge sharing and collaboration with stakeholders.
As part of the deal, Venom will provide tools and resources to support Kenya and other African countries in their digital transformation, including blockchain-based solutions for supply chain management, land registry, voting systems, and asset tokenization.
Moses Kuria, Kenya’s cabinet secretary for investment, trade and industry, said the deal showed the country’s stance on next-generation technologies. He added:
“We believe that the creation of this blockchain hub will be a catalyst for further innovation across industries that will benefit our people both nationally and globally.”
Kenya and Africa as a whole continue to be a hotbed of innovation, including the adoption of blockchain technology. The continent saw a 429% increase in blockchain deals as companies raised $474 million last year from $90 million in 2021, according to CV VC. The data added that these figures surpassed the global funding average, which grew by just 4%.
“Africa is already rich in natural resources and human capital,” said Venom Foundation CTO Christopher Louis Tsu. “By bringing next-generation blockchain technology to the continent, it will empower people and help not only Kenya but many other African countries capitalize on their assets and compete competitively in new global markets.”
Related: Web3 Economy to Gain More Momentum in Africa with DeFi-Based Financial Integration
In January, the Venom Foundation, together with investment manager Iceberg Capital, announced the creation of a $1 billion fund for Web3 and blockchain companies. The investment fund will seek to attract technology firms to use Venom’s scalable proof-of-stake blockchain solution.
Elsewhere, lawmakers in Kenya have introduced a 2023 finance bill that aims to tax the transfer of cryptocurrencies and non-fungible tokens (NFTs). The proposal, which will go through five rounds of readings, will require registered cryptocurrency exchanges and NFT trading platforms to deduct 3% of the value of transfers payable to the government.
The Kenyan government has signed an agreement with Abu Dhabi-based blockchain platform Venom Foundation to launch a blockchain and Web3 hub in Africa.