Venom FoundationThe team responsible for the ADGM-licensed decentralized network signed a memorandum of understanding with the Kenyan government to establish a blockchain center.
The Venom Foundation is collaborating with the Kenyan government
across the partnershipThe Venom Foundation seeks to stimulate regional economic growth by enabling seamless trade and transactions across borders, as well as providing essential tools and resources to help African countries lay the solid foundation needed for digital transformation.
The Blockchain Center will serve as a central platform for establishing partnerships with innovative companies, focused on developing web3 applications, with the aim of empowering African communities, and creating a bridge between traditional finance and the world of web3.
The hub will promote knowledge sharing, networking and collaboration between key players in the African blockchain space, such as cryptocurrency projects, entrepreneurs and government officials on the continent.
Enthusiasm for the partnership has been expressed by the Kenyan government, through Moses Correa, Cabinet Secretary at Kenya’s Ministry of Investment, Trade and Industry.
Korea believes that the partnership with Venom is indicative of Kenya’s stance towards adopting next-generation technology, which would facilitate financial and technological developments, and which would spur further innovations in various industries, benefiting people both nationally and globally.
As Christopher Louis Tso, Chief Technology Officer of Venom Corporation commented:
“By bringing the next generation of blockchain technology to the continent, it will enable people and help not only Kenya but many other African countries to leverage their assets and participate competitively in new global markets.”
Innovation in the financial sector
The Kenya Blockchain Center is designed to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs and cross-border trade, which will be economically beneficial for Kenya and the entire African continent.
With over 84% of Kenya’s population already having access to financial services through banking and fintech, implementing blockchain infrastructure as a long-term strategy will increase value for the population, and create more opportunities for the Kenyan domestic economy.
The partnership between the Venom Foundation and the Kenyan government highlights Africa’s forward-thinking approach to embracing blockchain technologies, demonstrating its commitment to embracing innovation and driving implementation.
Potential benefits that can be achieved include reduced transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and the creation of new investment/financing opportunities through asset tokenization.
These developments can contribute significantly to economic development and financial inclusion across the continent.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users should do their own research before taking any actions regarding the Company.