Kenya partners with Abu Dhabi's Venom Foundation to build blockchain, Web3 hub
The Kenyan government has inked a deal with Abu Dhabi-based blockchain platform Venom Foundation to launch a blockchain and Web3 hub in Africa.
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:
“We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”
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 blockchain firms. The investment fund will look to attract technology firms to use Venom’s scalable, proof-of-stake-based blockchain solution.
Elsewhere, lawmakers in Kenya have introduced Finance Bill 2023, which seeks to tax crypto and nonfungible token (NFT) transfers. The proposal, which will undergo five rounds of readings, would require registered crypto exchanges and NFT marketplaces to deduct 3% of the transfers’ value to be paid to the government.
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