March 19, 2024 – Alpha MBM Investments Group, the private investment office of His Highness Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, a member of the Dubai Royal Family, announced an investment in Venom Blockchain to serve customers across the country, including in Uganda. Digital currency plans launched in Africa, including Somalia and the Central African Republic.
Alpha MBM Group is a pan-African organization that has been actively investing and developing projects in various sectors including mining, aviation, oil and gas, and digitalization of government agencies, most recently A $4 billion refinery project in Uganda.
The collaboration is supported by Alpha MBM Group’s investment in Venom Blockchain and will leverage Alpha MBM Investment’s expertise in compliance solutions and the Venom Foundation’s innovative blockchain technology. They will work together to develop stablecoins and central bank digital currencies (CBDC), establish cryptocurrency exchanges, and implement real-world asset tokenization projects within agreed-upon areas.
The parties will ensure that all activities related to digital currencies, such as the development of new tokenized digital assets or the operation of cryptocurrency exchanges, are conducted under the guidance and explicit consent of the central banks of the three countries mentioned above.
Through this joint effort, Alpha MBM Investments and Venom Foundation aim to drive financial inclusion, boost economic growth and enhance cross-border transactions across Africa. Partners are committed to establishing a robust regulatory framework for their activities and attach high importance to compliance with local and international financial standards.
Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, Chairman of Alpha MBM Investments and Christopher Louis Tsu, CEO of Venom Foundation
This visionary partnership between Alpha MBM Investments and Venom Foundation marks an important milestone in advancing Africa’s digital economy. By focusing on financial inclusion, transaction efficiency, digital currency stability and safe operating practices, the partnership aims to support individuals and businesses across the region. The parties are committed to building partnerships within the broader financial ecosystem, underscoring their belief in the transformative power of collaboration. This strategic alliance has the potential to redefine Africa’s economic landscape, paving the way for a more prosperous and technologically integrated future.
Key objectives of the partnership:
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Central Bank Digital Currency (CBDC) Development: Collaborate to research and develop a CBDC tailored to the unique needs of African countries.
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Establish a cryptocurrency exchange: Establish a regulated and secure cryptocurrency exchange to promote safe and transparent digital asset transactions.
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Real World Asset Tokenization Initiative: Tokenize assets such as real estate, commodities, and securities to unlock new investment opportunities and increase market liquidity.
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Integrate with local banks: Identify and form partnerships with local banks to integrate and distribute financial services.
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Merchant Acceptance: Work with retailers, merchants, and service providers to accept digital currencies in everyday transactions.
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Digital Wallet Development: Develop secure, user-friendly custodial and non-custodial digital wallets to facilitate stablecoin access and usage.
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Education and Awareness: Conduct educational programs and workshops in different regions, focusing on urban and rural areas to ensure broad understanding and adoption.
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Regulatory engagement: Work with central banks and financial regulators to develop regulatory frameworks that support digital currencies while ensuring compliance with national and international financial regulations.
The two parties recently signed a memorandum of understanding (MoU) formalizing the partnership and expressed their commitment to promoting technological innovation and the sustainable adoption of digital currencies in Africa.
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