The Venom Foundation – a Web3, fintech, and blockchain company – has agreed to form a partnership with the government of Kenya in Africa as a means of bringing more blockchain and crypto capabilities to the continent. The company also said it’s hoping to establish more Web3 and blockchain applications in the coming months and years to ensure Kenyans have access to up-to-date technology.
Kenya Is Getting Access to Blockchain
Christopher Louis Tsu – CTO for the Venom Foundation – commented in a recent interview:
Africa is already rich in natural resources and human capital. By bringing next generation blockchain technology to the continent, it will empower the people and help not only Kenya, but many other African nations to capitalize on their assets and participate in new global markets competitively.
There has been a running theme over the past several years that if any region can benefit from blockchain and crypto, it’s Africa. The continent has long suffered from both political and financial corruption, and it’s long been believed that digital currencies can ultimately bring about a new world for many of the continent’s native residents.
There are many entrepreneurs that have worked hard to bring the joys and magic of blockchain and digital currencies to Africa. For example, Jack Dorsey – the former CEO of Twitter – initially announced that he was going to spend several months touring through Africa and doing what he could to ensure the people had proper access to bitcoin and blockchain technology.
Sadly, this was about a year prior to the start of the COVID-19 pandemic, and thus it’s unclear if Dorsey ever fulfilled those plans. In any case, the idea still stands that crypto and blockchain can help Africa in ways no other technology can. Moses Kuria – the Cabinet Secretary for Investments, Trade, and Industry – commented:
We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.
Trying to Help Africa
Kenya is a unique country in that at the present time, roughly 84 percent of the people have normal access to banks. This is odd given the number of unbanked souls living in Africa. Thus, Kenya is a little more ahead of the game. However, with the integration of blockchain into the nation’s financial space, further value is likely to be implemented for the people who live there.
They will thus enjoy more opportunities and see their economy boom in ways nobody thought possible. There will also be new trade routes established through blockchain, which analysts believe will lead to a solid, long-term financial plan for the people of Kenya.
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- Source: https://www.livebitcoinnews.com/the-venom-foundation-seeks-to-bring-blockchain-to-kenya/
