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Kenya partners with Abu Dhabi's Venom Foundation aims to drive blockchain innovation

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Kenya partners with Abu Dhabi's Venom Foundation aims to drive blockchain innovation

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  2. The collaboration will establish a blockchain and Web3 hub in Africa that serves as a central platform for African technology companies and government entities to exchange knowledge and collaborate. The main aim is to drive innovation in key areas such as finance, supply chains, agriculture, and cross-border trade. The hub will provide tools and resources to support African countries in their digital transformation, and will also help in the development of blockchain-based solutions for supply chain management, asset tokenization, land registry, and voting systems, amongst other things. The hub will serve as a central platform for African technology companies and government entities to foster knowledge exchange and stakeholder collaboration. This partnership is in line with Kenya's focus on next-gen technology and Africa's increasing role as a hub for innovation in the blockchain space.

  3. As per CV VC's second annual African Blockchain Report, a total of $474 million rise in blockchain deals in Africa last year, representing a 429% increase from the previous year. This growth rate is higher than that of any other region globally and exceeded the global blockchain funding growth average of 4%. This report highlights that Africa’s emerging as the most vigorous blockchain region in the world. Seychelles and South Africa accounted for 81% of funding, and the median deal size grew by 58% to $1.5 million. In January, the Venom Foundation, along with investment manager Iceberg Capital, announced a $1 billion fund for Web3 and blockchain companies. The goal of this investment fund is to get tech companies to use Venom's scalable proof-of-stake blockchain solution. Elsewhere, Kenyan lawmakers have introduced a 2023 Finance Bill aimed at taxing transfers of cryptocurrencies and non-fungible tokens (NFTs). After five rounds of deliberations, the proposal would deduct 3% of remittances paid to the government by registered cryptocurrency exchanges and NFT markets.

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