Interest in blockchain technology in Africa is gaining attention from investors and governments. Against this backdrop, Kenya has partnered with Abu Dhabi-based Venom Foundation to launch a “blockchain hub” dedicated to Web 3.0 and blockchain applications in Africa, opening up new opportunities for the continent’s technology development.
Kenyan Government and Venom Foundation, an Alliance for Africa’s Development
The Kenyan Government and the Venom Foundation have signed a partnership to create a blockchain and Web 3.0 platform in Africa. This initiative aims to stimulate blockchain innovation in key sectors on the African continent, such as:
- Financial sectors
- Blockchain for the supply chain
- Cross-border trade
The Venom Foundation plans to encourage Africans to understand the intersection between traditional finance and Web 3.0. This partnership allows the Venom Foundation to assist in the digital transformation of Kenya and other African countries by providing the tools and resources necessary to develop innovative blockchain-based solutions.
Venom Foundation, a Key Partner for Africa
The Venom Foundation is a decentralized organization under the jurisdiction of the Abu Dhabi Global Marketplace (ADGM) and plays a leading role in accelerating Web 3.0 projects worldwide.
According to Christopher Louis Tsu, CTO of the Venom Foundation, blockchain technology could help many African countries, such as Kenya, capitalize on their strengths and participate competitively in global markets.
By bringing blockchain technology to the continent, it can empower people and will help not only Kenya, but many other African countries to participate in new global markets, competitively.Louis’ statement
Kenya’s cabinet secretary for investment, trade and industry, Moses Kuria considers that the partnership with the United Arab Emirates Foundation demonstrates his country’s commitment to new technology. According to him, the creation of a blockchain hub could foster innovation in different industries for the benefit of local communities.
Amid the development of blockchain technology in Africa, Kenyan lawmakers have proposed a 2023 Finance Bill to impose a 3% tax on cryptocurrency transfers and non-fungible tokens (NFTs). This measure is less onerous than what other entities apply towards cryptocurrency businesses.
The use of blockchain technology in Africa is growing rapidly. In 2022, The continent recorded a significant increase of nearly 429% in blockchain-related transactions, totaling about 474 million compared to 90 million recorded in 2021. Countries on the continent are now looking for innovative solutions to address several economic challenges and blockchain offers promising opportunities to do so.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.