Thursday, 13 June 2024
Trending

Crypto News

Venom Foundation announces strategic partnership with the Government of Kenya

Venom Foundation announces strategic partnership with the Government of Kenya

  • The partnership is through Venom Africa.
  • Venom seeks to establish a “blockchain hub” in Africa.
  • The hub will focus on the development of Web3 and blockchain technology applications.

Just fifteen days after launching the public testnet of its L1 blockchain Venom Foundation has announced a strategic partnership with the Government of Kenya through Venom Africa. The partnership is a great step towards establishing a “blockchain hub” in Africa focusing on the development of Web3 and blockchain technology applications.

Expressing enthusiasm for the partnership, the Cabinet Secretary for Investments, Trade and Industry, in Kenya, Moses Kuria said:

“We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

This partnership is aimed at driving innovation in key sectors like financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, in Kenya and the entire African continent.

Impact on financial services

Currently, more than 84% of the Kenyan population has access to financial services through banks and fintech.

The implementation of blockchain infrastructure will increase value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra-African trade lines.

By advocating for the adoption of blockchain technology, Venom Foundation is seeking to endow African communities and create a bridge between traditional finance and trade with the web3 world. It also wants to stimulate regional economic growth by enabling seamless cross-border trade and transactions.

The population will benefit from:

  • Minimized transaction costs
  • Enhanced security and transparency
  • Increased access to financial services
  • Expedited…

Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…