In an effort to drive blockchain innovation in Africa, Kenya has teamed up with Abu Dhabi’s Venom Foundation, as per the announcement made on May 10.
Blockchain and Web3 hub heading to Africa
The partnership’s objective is to modernise crucial industries such as finance, supply chain, agriculture, business, and cross-border trade.
A primary blockchain and Web3 centre for African tech firms and government entities is in the works. This proposed hub will serve as a centralised platform for African technology companies and government agencies, encouraging knowledge sharing and stakeholder collaboration to strengthen the continent’s digital transformation.
As part of the partnership, the Venom Foundation will support Kenya and other African nations in their digital transformation endeavours by offering tools and resources. These resources include blockchain-based solutions for supply chain management, voting systems, land registry, and asset tokenization.
Moses Kuria, Kenya’s Cabinet Secretary for Investments, Trade, and Industry, highlighted the country’s commitment to cutting-edge technology. He expressed confidence that the blockchain hub would ignite a wave of innovation across a range of sectors, ultimately benefiting both local and global communities.
We believe that the establishment of this blockchain hub will catalyse further innovations in various industries, benefitting our people both nationally and globally – Moses Kuria
Paving the way for emerging tech-dev in Africa
Blockchain technology has been gaining momentum in Africa, and the continent is becoming a hotbed for innovation. According to CV VC data, blockchain deals in Africa have surged by 429% over the past year, with companies raising $474 million in 2022 compared to $90 million in 2021. This growth rate exceeds the global funding average, which only increased by 4%.
Venom Foundation’s CTO, Christopher Louis Tsu, recognizes the potential of Africa’s abundant natural resources and human capital. He believes that the adoption of next-generation blockchain technology will empower African nations to leverage their assets and compete in global markets.
Venom Foundation, in partnership with investment manager Iceberg Capital, has recently announced a $1 billion fund for Web3 and blockchain firms. The goal of the investment fund is to encourage technology companies to utilise Venom’s proof-of-stake-based blockchain solution.
In addition to this, the Kenyan government is collaborating with the Abu Dhabi-based blockchain platform Venom Foundation to create a blockchain and Web3 hub in Africa. This partnership aims to enhance knowledge exchange and stakeholder collaboration to accelerate digital transformation in Africa.
Furthermore, Kenyan lawmakers have introduced Finance Bill 2023, which proposes to tax cryptocurrency and non-fungible token (NFT) transfers. If passed, registered crypto exchanges and NFT marketplaces would be required to deduct 3% of the transfers’ value as payment to the government.
SiGMA Group invited to host 2024 Summit in Kenya
SiGMA Group has received an invitation to return to Kenya for its annual AIBC Africa Summit in 2024, after its successful debut summit in Nairobi, Kenya, in January of this year.
Dr. Jane Makau, Chair of Kenya’s Betting Control and Licensing Board, expressed her appreciation for SiGMA Group choosing Kenya as its debut destination in Africa and emphasized the potential of the summit to discuss new trends, showcase innovative tech products, and engage in business.
SiGMA Group is excited to host its clients and delegates once again and encourages interested parties to visit the website for more information and stay up-to-date with industry news.