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 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 Africa technology 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 cabin et 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 citizens and the people of the world.” Kenya and wider Africa continue to be a hotbed of innovation, including the implementation of blockchain technology. Data from CV VC shows that blockchain deals on the continent are up 429%, with companies raising $474 million last year and $90 million in 2021. These figures beat the global funding average, 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 man the y other African countries leverage their assets and participate competitively in new global markets." In January, the Venom Foundation and investment manager Iceberg Capital announced a $1 billion fund for Web3 and blockchain companies. The investment fund will seek to attract technology y companies to use Venom's scalable , proof-of-stake-based blockchain solution.
Elsewhere, 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, will require registered cryptocurrency exchanges and NFT marketplaces to deduct 3% of the transfer value to pay the government.
