Kenya's Web3 Revolution: Sankore 2.0 Unveils Million-Dollar Startup Investment & Regulatory Roadmap

Published 1 month ago3 minute read
Kenya's Web3 Revolution: Sankore 2.0 Unveils Million-Dollar Startup Investment & Regulatory Roadmap

Kevin Imani, a notable figure in the African tech landscape, has emerged as one of the pioneers of the blockchain industry in Kenya and East Africa. His journey into this transformative technology began in 2015, albeit briefly, as he was engrossed in other ventures, particularly in academia and consultancy, where his philosophy background led him to explore concepts of decentralization and its social and cultural dynamics. This initial exposure to Bitcoin's whitepaper, introduced by a friend, laid a dormant seed that would later blossom into a pivotal role in the region's web3 evolution.

Around 2018, the same friend reconnected with Imani, presenting an opportunity: several blockchain protocols sought entry into Africa but lacked the necessary guidance. This inquiry prompted Imani to delve deeper, ultimately leading to the inception of Sankore 2.0. His curiosity was piqued by Kenya's consistently high peer-to-peer (P2P) crypto transaction volumes and the glaring absence of reliable data within the ecosystem. Imani's investigations revealed Kenya to be predominantly a consumer market, with a multitude of enthusiasts trading and holding crypto, yet a scarcity of individuals actively building on blockchain technology. Recognizing this early-stage landscape, where builders lacked visibility and opportunities to scale or raise funds, Imani and his team organized Kenya's first pitch competition in the web3 space, further confirming the nascent but promising nature of the market for Eastern African blockchain builders.

Despite the palpable excitement and a large population ready for crypto adoption, the regulatory environment in Kenya presents a significant hurdle. Imani points out that the Kenyan government primarily focuses on the monetary aspect of crypto transactions, emphasizing taxation rather than the regulation of the underlying blockchain technology itself. This approach leaves the industry in a legal quandary—neither explicitly legal nor illegal—a situation that creates uncertainty for builders who require clear regulatory frameworks to innovate and grow. Imani stresses the urgent need for governmental clarity on the legal status of blockchain activities.

Sankore 2.0's vision and name are deeply rooted in African history and ambition. The organization is a historical reference to the Sankore Mandrasa, believed to be the oldest university in Africa, established by Mansa Musa in Mali. This ancient institution, built by Africans for the world, inspires Sankore 2.0's mission to echo these values in the 21st century. The ambition is to rebuild innovative centers in Africa and empower young people to become global role models in technology. Sankore 2.0 is dedicated to making blockchain accessible and beneficial for a wider population, fostering a vibrant ecosystem where Africans can actively build towards this market.

To achieve its ambitious goals, Sankore 2.0 is actively building communities specifically tailored as a service for protocols. Its impact has been significant, having allocated over a million dollars to web3 startups in less than six months—a rare feat in the nascent African tech space. Through its extensive reach, Sankore 2.0 has engaged with numerous incubating programs, positioning itself as a crucial allocator of funding, with investments in more than twenty projects. Kevin Imani firmly believes in the potential of all Africans to leverage blockchain technology, advocating that entrepreneurs should focus on solving significant problems, while users should prioritize proper blockchain education to navigate this evolving landscape effectively.

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