Kenya partners with Venom Foundation to develop an African Web3.0 hotspot

The Kenyan government has partnered with Venom Foundation, an Abu Dhabi-focused blockchain platform, to introduce an African blockchain and Web3.0 hotspot, as reported by Cointelegraph.

According to Cointelegraph, the partnership aims to ensure blockchain growth in areas such as finance, supply chain, agriculture, business and cross-border trade. It is believed that the hub will be a central base for African technology companies and government platforms.

Based on Cointelegraph’s information, the agreement will provide support to Kenya and other countries regarding digital adaptations. The deal is also expected to cover blockchain-powered applications for supply chain management, land registry, voting systems and asset tokenization.

“We believe the establishment of this blockchain hub will catalyze further innovations in various industries, benefiting our people both nationally and globally,” said Moses Kuria, Kenya’s Cabinet Secretary for Investment, Trade and Industry.

Additionally, Cointelegraph noted that Africa recorded a 429% increase in blockchain deals as companies received $474 million last year from $90 million in 2021, according to CV VC data. From what it understands, the amount surpassed the global funding average, which saw a four percent increase.

(With insights from Cointelegraph)

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