Venom Foundation and Kenya Unite to build a thriving blockchain and Web3 ecosystem

Image: Shutterstock

The Venom Foundation has now partnered with the Kenyan government to create a blockchain hub in Africa, with a primary emphasis on creating useful applications for Web3 and blockchain technology. By working together, Kenya and the rest of Africa stand to gain from increased innovation in crucial spheres like financial services, logistics, agriculture, small and medium enterprises, and international trade.

There are more than 8.4 million people in Kenya, and more than 84 percent have access to banking and fintech. However, adopting blockchain infrastructure as a long-term strategy will further boost the value for the population, generate more prospects for Kenya's local economy, establish new international trade routes, and bring efficiency to intra-African trade lines.

The expansion of the Venom Foundation into Africa emphasizes the forward-thinking attitude that Africa is taking to adopting web3 and blockchain technology. This demonstrates Africa's dedication to embracing innovation and leading by adopting new ideas.

The goal of the Venom Foundation's efforts to promote the use of blockchain technology is to strengthen African communities, connect traditional financial and commercial systems with the web3 economy, and boost regional economic growth through the facilitation of trade and transactions across borders.

Minimized transaction costs, better transparency and security, a rise in access to financial services, faster settlement times for cross-border transactions, and the introduction of new investment opportunities are all tangible benefits that can be gained through asset tokenization. These developments have the potential to significantly help Africa's progress toward a more prosperous economy and more financial inclusion.