May 11, 2023

Abu Dhabi-based Firm To Establish Web3, Blockchain Hub in Africa

Venom Foundation

Venom Foundation

The Kenyan government partnered with Venom Foundation, an Abu Dhabi-based blockchain platform, to establish a Web3 and blockchain hub in Africa, according to Cointelegraph.

In an announcement, the two parties signed a deal to make use of blockchain technology in Africa in the fields of business, cross-border trade, agriculture, supply chain, and finance. The Web3 and blockchain hub will serve as a platform for African tech companies and government bodies and exchange knowledge in addition to boosting stakeholder collaboration.

The Abu Dhabi-based company will help Kenya and other African countries by offering tools and resources related to achieving digital transformation, including blockchain-based solutions for asset tokenization, voting systems, supply chain management, and land registry.

In this regard, Kenya’s Cabinet Secretary for Investments, Trade, and Industry Moses Kuria said the partnership reflects the country’s stance toward next-generation technologies, noting: “We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

A recent report by CV VC, an investment company, showed in April that Africa is fertile land for the growth and implementation of blockchain technology.

In its report, the 2022 African Blockchain Report, CV VC, found that the blockchain deals in Africa fundraised a total of $474 million in 2022, with a 429% increase compared to the total collected in 2021, which was $90 million. The report said that the growth in the African continent surpassed the global average, which saw 4% only in blockchain funding.

In January, Venom Foundation partnered with Iceberg Capital Limited to launch a $1 billion venture fund for Web3 and blockchain companies.

The Venom Ventures Fund (VVF) aims to pump investments in protocols decentralized apps (Dapps) of Web3, which focus on GameFi products and services, DeFi, payments, asset management, and banking services to be a pioneering supporter for coming entrepreneurs and digital technologies.

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