Blockchain Innovation: Venom Foundation Partners with Kenyan Government for New Hub

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Key takeaways:

  • To create a “blockchain hub” in Africa, Venom Foundation has established a strategic relationship with the Government of Kenya.
  • According to Kenya’s Cabinet Secretary for Investments, Trade, and Industry, the partnership shows how openly the country views cutting-edge technology.

To establish a blockchain and Web3 hub in Africa, the Kenyan government has signed an agreement with the Venom Foundation, an Abu Dhabi-based blockchain platform. 

According to the May 10 release, the alliance would work to promote blockchain innovation in the important industries of the continent, including finance, supply chain, agriculture, business, and cross-border trade.

The anticipated blockchain and Web3 hub would be a focal point for African government agencies and ICT firms, promoting stakeholder cooperation and knowledge sharing.

In accordance with the agreement, Venom will offer Kenya and other African nations resources and tools to assist in their digital transformation. These tools and resources will include blockchain-based solutions for asset tokenization, voting systems, land registration, supply chain management, and land register.

Kenya‘s Cabinet Secretary for Investments, Trade, and Industry, Moses Kuria, claimed that the agreement demonstrates the nation’s attitude towards cutting-edge technology. He stated:

“We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

Venom Foundation’s entry into the continent highlights Africa’s innovative approach to integrating web3 and blockchain technology, demonstrating its dedication to embracing innovation and leading through implementation. The Venom Foundation’s CTO, Christopher Louis Tsu, stated: 

“Africa is already rich in natural resources and human capital; by bringing next-generation blockchain technology to the continent 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,”

The Venom Foundation and Iceberg Capital unveiled a $1 billion fund for Web3 and blockchain companies in January. The investment fund will try to persuade tech companies to embrace Venom’s scalable, blockchain-based proof-of-stake solution.

Kenyan legislators recently introduced Finance Bill 2023, which aims to tax cryptocurrency transfers and nonfungible tokens (NFT). According to the proposal, which will go through five readings, registered crypto exchanges and NFT marketplaces must withhold 3% of each transfer’s value as a fee for the government.

The law also aims to enact a tax on “digital content monetization,” which would apply a 15% tax to content creators who are compensated to promote and advertise goods and services online, including but not limited to sponsorships, affiliate marketing, product sales, and paid subscriptions.

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