The Government of Kenya has signed an agreement with Abu Dhabi-based blockchain platform Venom Foundation to launch a blockchain and Web3 hub in Africa.
The association will seek to contribute to driving blockchain innovation in key sectors on the continent, such as finance, supply chain, agriculture, business, and cross-border trade, according to the May 10 announcement.
The planned blockchain and Web3 hub will serve as a central platform for African technology companies and government entities, fostering knowledge sharing and collaboration among stakeholders.
Under the agreement, Venom will provide tools and resources to support Kenya and other African countries in their digital transformation, including blockchain-based solutions for supply chain management, property registration, voting systems, and tokenization. of assets.
Moses Kuria, Kenya’s Cabinet Secretary for Investment, Trade and Industry, stated that the deal shows the country’s stance towards next generation technology. And he added:
“We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefiting our people both nationally and globally.”
Kenya and Africa in general continue to become a hotbed of innovation, including the implementation of Blockchain technology. The continent witnessed a 429% increase in blockchain deals, as companies raised $474 million last year, up from $90 million in 2021, certain CV VC data shows. Data add that these figures exceeded the world financing average, which only grew by 4%.
“Africa is already rich in natural resources and human capital,” said Venom Foundation CTO Christopher Louis Tsu. “By bringing next-generation Blockchain technology to the continent, it will empower 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, the Venom Foundation, with investment manager Iceberg Capital, announced a $1 billion fund for Web3 and blockchain companies. The investment fund will try to attract tech companies to use Venom’s scalable, proof-of-stakes blockchain solution.
Separately, lawmakers in Kenya have introduced the Finance Bill 2023, which aims to tax cryptocurrency and non-fungible token (NFT) transfers. The proposal, which will undergo five rounds of reading, would force registered NFT exchanges and marketplaces to deduct 3% of the value of transfers to pay it to the government.
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