Dennis J.
Venom Foundation has partnered with the Kenyan government to establish an exciting blockchain hub in Africa. This initiative focuses on creating Web3 and blockchain-based applications to support vital industries, like financing, supply chains, agriculture, small companies, and international trade. Kenya and the entire African continent will benefit greatly from this collaboration.
Banks and fintech firms currently provide financial services to over 84% of Kenyans. But things will only get better if blockchain is used as a long-term strategy. New international trade routes, a more robust local economy, improved intra-African trade lines, and more value for the people are all on the horizon!
Although Kenya wants to take crypto/NFT tax, it will create a blockchain hub to advocate for Web3. The government has indicated its desire for turning to Web3 and blockchain.
According to Moses Kuria, the Cabinet Secretary for Investments, Trade, and Industry of Kenya, Kenya’s collaboration with Venom Foundation represents its attitude toward the adoption of cutting-edge technology. The technology would enable financial and technological advancements and catalyze additional innovations in a variety of industries, benefiting people on a national and international scale.
Possible Benefits of the Blockchain Hub in Africa
Africa’s innovative approach to integrating Web3 and blockchain technology is highlighted by Venom Foundation’s entry into the continent, demonstrating its dedication to accepting development and pioneering through implementation.
Venom Foundation promotes the use of blockchain technology with the goals of empowering African communities, building a link between conventional banking and trade and the Web3 world. Also, smooth international trade and transactions and regional economic growth are considered.
Minimized transaction costs, improved transparency and safety, increased access to financial services, accelerated cross-border settlement times, and the introduction of new investment opportunities through asset tokenization is all concrete advantages that can be obtained. These developments have the potential to significantly aid in the continent’s economic growth and financial inclusion.
The blockchain hub will serve as the center of attention for establishing alliances with progressive companies that are committed to the creation of Web3 apps, with the goal of empowering African people and building a link between traditional banking and the Web3 world.
The center would promote knowledge exchange, networking, and cooperation among significant African blockchain participants, including cryptocurrency projects, business people, and government representatives.
