Abu-Dhabi based Venom Foundation will establish a blockchain innovation hub in Nairobi, Kenya following a partnership with the Government of Kenya.
We are excited to announce that the Venom Foundation has partnered with the Government of Kenya to establish a cutting-edge blockchain hub in Nairobi, Kenya.
Our aim is to drive innovation across multiple industries that can benefit from the power of blockchain technology. pic.twitter.com/muW41wSsX2
— Venom Foundation (@VenomFoundation) May 10, 2023
According to Venom, the Kenya Blockchain Hub will provide essential tools and resources to support African nations in building a robust foundation for digital transformation. By implementing blockchain-based solutions, the aim is to promote transparency, efficiency, and trust throughout the continent.
The foundation will be working with the Kenyan government to develop and implement blockchain solutions for various sectors such as supply chain management, land registry, voting systems, and asset tokenization.
The partnership also aims to contribute to sectors which are already important in the continent including financial infrastructure, agribusiness, SMEs, and cross-border commerce.
The blockchain and Web3 hub is envisioned as a central platform for African technology companies and government entities fostering knowledge exchange and stakeholder collaboration.
Kenya’s Cabinet Secretary, Ministry of Investments, Trade & Industry, Moses Kuria, said the country was selected by Venom as the country accelerates efforts to attract global tech companies seeking to tap into its tech talent.
“Africa is already rich in natural resources and human capital,” said Christopher Louis Tsu, CTO, Venom Foundation.
“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.”
Venom Foundation had previously announced a $1 billion fund for Web3 and blockchain firms in collaboration with Iceberg Capital. The investment fund aims to attract technology companies to use the scalable Venom’s proof-of-stake-based blockchain solution.
As a result, the ‘blockchain-agnostic’ Venom Ventures Fund aims to invest in ‘innovative protocols and Web3 dApps … DeFi, banking services, and GameFi,’ according to the two Middle Eastern investment groups.