A Kenyan labor union has taken a new approach to managing its members’ assets. According to a Proof of Workforce X post, the Kenya National Fire Brigades Association (KENFIBA) has completed setting up its Bitcoin (BTC) reserve.
That move makes KENFIBA the country’s pioneering workers’ body to have BTC on its balance sheet. It may also be the first labor union to hold a BTC reserve in Africa.
BTC reserve will enhance Kenya’s firefighting capacity
KENFIBA pulled off that feat courtesy of “get off zero” funding by Proof of Workforce, a nonprofit that helps workers and their unions invest in BTC. The donor said the crypto fund would help enhance Kenya’s firefighting capacity.
The X post read:
KENFIBA, The Kenya National Fire Brigades Association, adds Bitcoin onto their balance sheet, becoming the first labor union in Kenya to hold Bitcoin! Potentially, the first labor union on the continent to hold Bitcoin.
~Proof of Workforce
But, one X user, James Otudor challenged Proof of Workforce’s second statement. He held that the Academic Staff Union of a renowned Nigerian University had a BTC reserve before KENFIBA. We couldn’t independently verify Mr Otudor’s claims.
What will KENFIBA gain from setting up a BTC reserve?
Proof of Workforce’s advisor, Magdalena Gronowska, explained the significance of the collaboration. She said that through it, KENFIBA would enhance its hiring process, member sign-up, and emergency responses. She added that the two institutions had discussed how workers could gain from holding BTC.
Also, the deal will see KENFIBA management accessing visionary Bitcoin developers in the country. These BTC developers are local Kenyans who will provide the union and its membership with tools, education, and resources to run the reserve.
Africa is making big strides in adopting blockchain, cryptocurrency, and AI technology. That’s evidenced by the growing number of the continent’s governments setting up structures to support the uptake of these evolving technologies.
Countries like Egypt, Senegal, Algeria, Rwanda, Benin, and Mauritius have officially sanctioned AI programs. Meanwhile, Kenya, South Africa, and Nigeria, South Africa, are among many that have instituted policies to spur developments in those technological fields.
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