Kenya partners with Venom Foundation to build a blockchain hub in Nairobi

By : Samira Njoya

Date : vendredi, 12 mai 2023 10:25

Over the past five years, Kenya has made significant progress in the ICT field.  The country is now a digital hub attracting several multinationals. It still wants to consolidate that position.  

On Wednesday, May 10, Kenya signed a partnership agreement with Venom Foundation, a foundation specializing in crypto development and licensed by Abu Dhabi Global Market (ADGM), an international financial center and free zone located on Al Maryah Island, Abu Dhabi, United Arab Emirates. Under the agreement, a state-of-the-art hub dedicated to the creation of new blockchain and Web3 applications in Africa will be established in Nairobi.

"The Kenya Blockchain Hub will provide essential tools and resources to support African nations in building a robust foundation for digital transformation. By implementing blockchain-based solutions, we aim to promote transparency, efficiency, and trust throughout the continent. [...] The benefits of this partnership will extend both nationally and globally, improving lives and unlocking potential," the Venom Foundation tweeted.

Blockchain is a storage technology that keeps track of a set of transactions in a decentralized, secure, and transparent manner. It offers high standards of transparency and security, as it operates without a central control body. It can be used in various sectors, including finance. This partnership demonstrates the growing interest that blockchain and related technologies are gaining in Kenya. Global cryptocurrency exchange Binance reports that about 8.5% of Kenya's population (4.25 million people) own digital currencies. This growing craze is currently driving the government's desire to introduce a 3% tax on digital assets in the next fiscal year.

Although there is no national strategy on blockchain and related services yet, the market is growing and changing. The Kenyan government, aware that it cannot curb people's adoption of new technologies because it still lacks the right regulatory framework, has taken security measures by developing a Sandbox through which new technologies, software, and other services can be tested in a safe environment before being made available for consumption.

Before the public initiative with Venom Foundation, an almost similar private initiative had already taken shape in October 2022. That month, the Swiss-based nonprofit NEAR Foundation announced the launch of the Regional Blockchain Hub in Kenya in partnership with Sankore, a NEAR Foundation guild based in Kenya. The Kenya Regional Hub's mission is to accelerate blockchain innovation, education, and talent development across Africa.

Samira Njoya


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