Alpha MBM and Venom Blockchain partner to bring digital infrastructure to East Africa, targeting economic growth and financial inclusivity.
Alpha MBM Investments Group, under the direction of His Highness Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, has entered into an MOU with Venom Blockchain. Phased layers of digital infrastructure will ultimately transform several African nations, specifically Uganda, Somalia, and the Central African Republic, into a new era of value.
This report comes on the heels of a recent surge in the market value of Venom, attributed to its mainnet launch on March 28.
Notably, the collaboration combines Alpha MBM Group's experience in mining and digitization of government institutions with Venom Blockchain's technology. Their joint project is set to develop government blockchain initiatives, tokenization of assets, stablecoins, Central Bank Digital Currencies (CBDCs), and establishment of cryptocurrency exchanges. This effort also encompasses financial inclusion, economic growth, and enhancement of cross-border transactions. The CEO of Venom Foundation recently said on X:
"The MOU is signed. Now, they are working towards agreements, implementation."
An important element of their strategy involves creating a regulatory framework that aligns with local and international financial standards. The aim is to establish new benchmarks in the digital economy, facilitating a more interconnected African financial landscape.
The Analysts' Perspective
Internet personality Michael Wrubel earlier discussed the potential of a Layer-1 / Layer-zero blockchain, particularly highlighting Venom Foundation. According to Wrubel, while most investors concentrate on Layer-1, hybrid Layer-zero projects like Venom are crucial for long-term growth and widespread adoption, merging traditional finance and crypto into a common space.
Wrubel's bullish stance on Venom is further bolstered by its partnerships, signaling institutional interest and support.
Wrubel emphasizes Venom's scalability, asserting that Venom's Mesh network interchain protocol is capable of scaling to accommodate a billion users, with the added benefit of low transaction fees.
Focus on Blockchain Infrastructure
Venom's approach is to lay down the foundation of the next generation blockchain infrastructure so builders create products for tokenization of real-world assets, digital currencies, government projects, CBDCs and even their establishment of regulated cryptocurrency exchange.
A significant aspect of this collaboration is its potential to improve access to financial services for unbanked and underbanked populations, which is crucial for economic empowerment. It also intends to support entrepreneurship by providing financial tools and platforms for business development.
Ensuring adherence to robust regulatory standards is a key focus of the partnership. Collaborative efforts with central banks and financial authorities in the targeted African countries aim to ensure that digital currency initiatives comply with the highest standards of security and compliance, aligning with each country's economic goals and monetary policies.
Broad Applications to Spread Far and Wide
The Mesh network protocol is designed to spread far and wide to support a range of applications, including government-backed stablecoins, CBDCs, tokenization of real-world assets such as carbon credits, and ventures in payment and trade finance sectors.
The Venom blockchain operates on a community-driven model, with the Venom token serving as its primary currency. This token plays multiple roles within the network, including incentivizing validators, protecting against attacks, and enabling governance processes. Initially adopting an inflationary model, Venom Blockchain is exploring a transition to a deflationary model. There are 988 million Venom tokens in circulation, with a total supply of 7.2 billion.
