Kenya partners with Abu Dhabi's Venom Foundation to build blockchain, Web3 hub
The partnership will attempt to contribute to driving blockchain innovation in the continent’s key sectors, including finance, supply chain, 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 technology companies and government entities, fostering knowledge exchange and stakeholder collaboration.
Under 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 Investments, Trade and Industry, said that the deal shows the country’s stance toward next-generation technology. He added:
Kenya and wider Africa continue to become a hotbed for innovation, including the implementation of blockchain technology. The continent witnessed a 429% increase in blockchain deals, as companies raised $474 million last year from $90 million in 2021, data from CV VC shows. The data added that those numbers surpassed the global funding average, which only grew by 4%.
“Africa is already rich in natural resources and human capital,” Venom Foundation CTO Christopher Louis Tsu said. “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.”
Related: Web3 economy to gain more traction in Africa through DeFi-based financial inclusion
In January, Venom Foundation, with investment manager Iceberg Capital, announced a $1 billion fund for Web3 and
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