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 launch digital currency initiatives across Africa, including Uganda, Somalia, and the Central African Republic.
Alpha MBM Group is a pan African organization that has been actively investing and developing projects in several sectors including mining, aviation, oil and gas and digitization of government institutions, most recent was a $4 billion oil refinery project in Uganda.
This collaboration, bolstered by Alpha MBM Group's investment in the Venom Blockchain, will leverage Alpha MBM Investment's expertise in compliance solutions and Venom Foundation's innovative blockchain technology. Together, they will focus on developing stablecoins and Central Bank Digital Currencies (CBDCs), establishing cryptocurrency exchanges, and implementing real-world asset tokenization projects within the agreed-upon regions.
The parties will ensure that all activities connected with digital currencies, such as the development of new tokenized digital assets or the operation of crypto exchanges, are carried out under the guidance and with the express consent of the Central Bank of all three mentioned countries.
Alpha MBM Investments and Venom Foundation aim to drive financial inclusion, promote economic growth, and enhance cross-border transactions throughout Africa through this joint endeavor. The partners are dedicated to establishing a robust regulatory framework for their activities, placing paramount importance on compliance with local and international financial standards.
Chairman Alpha MBM Investments Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum with Venom Foundation CEO Christopher Louis Tsu
This visionary partnership between Alpha MBM Investments and the Venom Foundation signals a significant milestone in advancing Africa's digital economy. By focusing on financial inclusion, transaction efficiency, digital currency stability, and secure operational practices, the collaboration seeks to empower individuals and businesses throughout the region. The Parties' commitment to building partnerships within the broader financial ecosystem underscores their belief in the transformative power of collaboration. This strategic alliance has the potential to redefine the economic landscape of Africa, 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 on the research and development of CBDCs tailored to the unique needs of African nations.
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Crypto Exchange Establishment: Establish regulated and secure cryptocurrency exchanges to facilitate the safe and transparent trading of digital assets.
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Real World Assets Tokenization Initiatives: Tokenize assets like real estate, commodities, and securities to unlock new investment opportunities and increase market liquidity.
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Integration with Local Banks: Identify and establish partnerships with local banks to integrate and distribute financial services.
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Merchant Acceptance: Engage with retailers, merchants, and service providers for the acceptance of digital currency in everyday transactions.
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Digital Wallet Development: Develop secure, user-friendly digital wallets, both custodial and non-custodial, to facilitate easy access and usage of the stablecoin.
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Education and Awareness: Conduct educational programs and workshops across various regions, focusing on urban and rural areas to ensure widespread understanding and adoption.
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Regulatory Engagement: Engage with the central banks and financial regulatory authorities to develop a regulatory framework that supports digital currency while ensuring compliance with national and international financial regulations.
The Parties recently signed a Memorandum of Understandings (MoU) formalizing the partnership and signifying their commitment to fostering technological innovation and the sustainable adoption of digital currencies in Africa.
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