Venom Foundation, a major blockchain player, has teamed up with the Kenyan Government to create a cool “blockchain hub” in Africa. This move is all about developing Web3 and blockchain tech applications to help out key areas like finance, supply chains, farming, small businesses, and cross-border trade. This partnership is a big win for Kenya and the whole African continent
You see, over 84% of Kenyans already have access to financial services through banks and fintech companies. But with blockchain as a long-term plan, things will only get better. More value for the people, a stronger local economy, new international trade routes, and smoother intra-African trade lines are all on the horizon, according to the official press release.
Christopher Louis Tsu, the big tech boss at Venom Foundation, said, “Africa is already rich in natural resources and human capital, so bringing next-gen blockchain tech to the continent will empower the people and help not just Kenya but many other African nations to make the most of their assets and play in the global markets.”
This venture shows that Africa is ready to welcome web3 and blockchain technologies with open arms. Venom Foundation is on a mission to support African communities, bridge the gap between traditional finance and the Web3 world, and spark regional economic growth. All of this can be done through easier cross-border trade and transactions. Think lower transaction costs, better security and transparency, more access to financial services, faster settlement times for cross-border deals, and new investment opportunities through tokenizing assets. All of this can really help Africa’s economic development and financial inclusion.