[ad_1]
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 seek to drive blockchain innovation in key areas of the continent, including finance, supply chains, agriculture, commerce and cross-border trade.
The planned Blockchain and Web3 Center will serve as a central platform for African tech companies and government entities, facilitating knowledge exchange 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 tokenization solutions.
Moshe Kuria, Kenya’s cabinet secretary for investment, trade and industry, said the deal showed the country’s stance on next-generation technology. He added:
“We believe that the establishment of this blockchain hub will spur further innovation across industries for the benefit of our people at home and globally.”
Kenya and wider Africa continue to be a hotbed of innovation, including the implementation of blockchain technology.The mainland has witnessed 429% increase in blockchain transactionsCompanies raised $474 million last year from $90 million in 2021, according to CV VC. These figures beat the global average for funding, which grew by just 4%, the data added.
“Africa is already rich in natural resources and human capital,” said Christopher Louis Tsu, chief technology officer at the Venom Foundation. “By bringing next-generation blockchain technology to the continent, it will empower people and help not only Kenya, but many other African countries leverage their assets and participate competitively in new global markets.”
related: Web3 economy gains traction in Africa with DeFi-based financial inclusion
In January, the Venom Foundation and investment manager Iceberg Capital announced a $1 Billion Web3 Fund and blockchain companies. The investment fund will seek to attract technology companies to use Venom’s scalable, proof-of-stake-based blockchain solution.
Elsewhere, Kenyan lawmakers have rolled out Finance Act 2023, designed to tax the transfer of cryptocurrencies and non-fungible tokens (NFTs). The proposal, which will go through five rounds of reading, will require registered cryptocurrency exchanges and NFT marketplaces to deduct 3% of the transfer value to pay the government.
[ad_2]
Source link