The Kenyan government has signed an agreement with Abu Dhabi-based blockchain platform Venom Foundation to launch a blockchain and Web3 hub in Africa.
The May 10 announcement said the partnership will work to advance blockchain innovation in key areas on the continent, including finance, supply chains, agriculture, trade and cross-border trade.
The planned Blockchain and Web3 Center will act as a central platform for African technology companies and government entities, facilitating knowledge sharing and stakeholder collaboration.
Under the agreement, Venom will provide tools and resources to support the digital transformation of Kenya and other African countries, including blockchain-based supply chain management, land registry, voting systems and asset token solutions.
Moshe Kuria, Kenya’s Cabinet Secretary for Investment, Trade and Industry, said the deal shows the country’s stance on next-generation technology.
He added: “We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”
Kenya and wider Africa continues to be a hotbed of innovation, including the adoption of blockchain technology.
CV VC data shows that blockchain transactions on the continent have increased by 429%, with companies raising $474 million last year and $90 million in 2021.
These numbers are higher than the global funding average, which grew by just 4%, the data showed.
“Africa is already rich in natural resources and human capital,” Venom Foundation CTO Christopher Louis Tsu said. “By bringing next-generation blockchain technology to the continent, it 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.”
In January, Venom Fund and investment manager Iceberg Capital announced a $1 billion fund for Web3 and blockchain companies.
The investment fund will seek to attract technology companies to use Venom’s scalable, stake-based blockchain solution.
Elsewhere, Kenyan lawmakers have introduced the Finance Bill 2023, which aims to tax cryptocurrency and non-fungible token (NFT) transfers.
The proposal, which will go through five rounds, would require registered cryptocurrency exchanges and NFT markets to deduct 3% of the transfer value to pay the government.
