- Venom Foundation partnered with Iceberg Capital to launch a $1 billion venture fund dedicated to web3 applications.
- The Kenyan government has collaborated with the Venom Foundation to drive innovation within several industries.
- Flutterwave fintech declared Nairobi East Africa’s tech hub.
Kenya sets the pace again as its governments form a new partnership with Venom Foundation. This unique collaboration will establish a new blockchain hub in Africa focusing on blockchain and web3 adoption. This new initiative will propel Africa’s blockchain ecosystem and set a new pace for the East African country.
Who are the Venom Foundation
Venom Foundation is the first crypto foundation in the Abu Dhabi Global Market. It has a license to operate any blockchain technology throughout the years. The organization seeks to establish a global economy where governments, businesses and consumers can use and enjoy the benefits of blockchain and web3. It believes that blockchain has proved its capabilities and comprehensive functionality. Thus, it has dedicated its resources to ensure global web adoption.
Venom Foundation focuses on the ADGM since it is the “fintech oasis” where investors and financial services can each find the necessary market and tools to build a self-sustaining blockchain application. The organization focuses on three core directions; infrastructure, support of inbound projects and a developer-friendly platform. Each of these ensures the smooth adoption of the crypto market globally.
One of its primary objectives is to establish a blockchain ecosystem, and it has developed several applications throughout its time. The Venom Foundation created a non-custodial wallet called the VenomWallet mobile application, including a desktop browser extinction.
Selling points
This blockchain application contains Multisig account options and Ledger Support. In addition, it has developed VenomScan to provide transparency through all of its transactions and VenomBirdge, which facilitates fast interchange transactions. Furthermore, it has developed other blockchain-based features such as VenomPools, VenomGet and Web3.World, a naive decentralized exchange.
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These features have placed the Venom Foundation at the top of its peers. It continues to aid other enthusiastic developers in achieving their desired blockchain ecosystem.
To stay true to its vision of global web3 adoption, the organization partnered with Iceberg Capital. Together they launched a $1 billion venture fund dedicated to web3 applications. This venture fund was called the Venom Ventures Fund, a blockchain-agnostic fund that will invest in pre-seed to Series A rounds for web3 protocols.
It has set aside this fund to help upcoming developers gain the financial leverage they require to kickstart and decentralized application. This ushered rapid growth in Web3 adoption.
Fortunately, Venom Foundation has set its sights on the Kenyan government. It seeks to establish a new blockchain hub in Africa.
Venture Foundation focuses on Africa.
The Kenyan government has collaborated with the Venom Foundation to drive innovation within several industries. They have stated their desire to improve the financial sector, supply chain, agriculture, SMEs and cross-border trade. Unsurprisingly, it was chosen as the new blockchain hub in Africa since more than 84% of its population is steadily shifting from banks to fintech services.
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Establishing a new blockchain hub in Africa will be the central platform for forging new partnerships with innovative companies. The Kenyan government already has a steady relationship with other tech companies. In a recent announcement, Flutterwave fintech declared Nairobi East Africa’s tech hub. This is due to its rapid growth in technology and startups. Venom Foundation has agreed to supply crucial tools and resources to support other African countries seeking to establish a solid blockchain ecosystem.
Christopher Louis Tsu, CTO of the Venom Foundation, stated that Africa is already rich in natural resources and human capital. By bringing in a new blockchain hub in Africa, they could empower the pope and help Kenya and other countries realize the vast potential of Web3.
Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, stated that the Enya government is eager to claim the title of blockchain hub in Africa. Doing so will set the pace for a new generation of technology in the country. In addition, it would open more opportunities for different parties and collaboration not just within the continent but throughout Africa.
Conclusion
Within the past decade, the Kenyan government has changed its directives and is now more open to creating a blockchain ecosystem. Granted, the concept of digital currency is still frowned upon, but other aspects of web3 are readily available.
As the East African country takes the next step in its digital transformation journey, it might implement its own CBDC. If Kenya can take the next step in its web3 journey, we might see a new wave of blockchain adoption that might rival its crypto adoption rate.
