The Venom Foundation becomes the first crypto entity to receive an ADGM license
ABU DHABIUAE, 10 October 2022 /PRNewswire/ — Venom Foundation is registered as the first crypto the foundation in ADGM, with a license to run a blockchain and issue utility tokens. ADGM is known as a fintech oasis for investors and financial services firms worldwide. The next major step in the Venom Blockchain is to be announced in the coming month.
Venom blockchain features an asynchronous blockchain technology for dynamic sharding, which has made an unprecedented leap in blockchain technology development globally, bringing to the market limitless scalability and higher security guarantees with decentralization.
The Venom Foundation is a leader among three core directions, such as Essential Infrastructure, Support of Inbound Projects, Developer-friendly Platform, each to provide new solutions to solve previously existing problems on crypto market. However, the most valuable feature for the MENA region market is the technology that enables large companies and corporations to make an easy and secure transition to Web3 globalization, managing the gross data transaction flows without faltering by increasing fees and transaction times.
The Venom Foundation’s main priority to develop and support a self-sustaining blockchain ecosystem has already produced significant results: non-custodial wallet (VenomWallet mobile application and Desktop Browser Extension) with a Option for Multisig accounts and Ledger support, VenomScan (to keep everything transparent with access to transaction history), VenomBridge (which allows the interchain transactions to be done quickly, while the price is low), VenomPools (to bet on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.The world (native decentralized central) is built. Individual developers, companies and public authorities will be able to engage the Venom Foundation to establish new products such as NFT marketplace, Derivative exchange, fiat-backed stablecoin, and many others that come with the potential to be a bridge towards broad adoption of CBDC in the UAE, other MENA countries and global adoption in the future. Subject to relevant regulatory approvals, the Venom Foundation will work with ecosystem participants to ensure that such products are offered complacently within the trusted and well-regulated environment of ADGM.”
Today, entrepreneurs in the MENA region are considered the pioneers of the global crypto trend adoption, there is therefore an important need for companies to think about decentralized globalization of the data flows for companies as well as governmental and social projects. Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabihas previously launched its framework for regulating spot crypto asset activities, including those carried out by exchanges (MTFs), custodians and other intermediaries in ADGM. This follows the need to reduce the entire range of potential risks associated with crypto asset activities and shows that safety is still the first priority for the market trend itself. The Venom blockchain is an attractive project not only for visionaries, but there are also good specialists in the industry involved in its development and pursuit. Mustafa Kheriba, Dr. Kai-Uwe Steck, and Osman Sultan have become founding members and have given the project’s team full support and their unique and outstanding expertise.
Mustafa Kheriba is known as CEO and CEO of Iceberg Capital; Chairman of VENOMEX, a Multilateral Trade Facility and Custodian for Digital Assets fully licensed by the Financial Regulator of ADGM, Board Member of Mirabank, Australian Gulf Capital, Quantum Age Corporation; and member of the steering committee Pathway 20 initiative and Dr. Kai-Uwe Steck is a Swiss/German lawyer, who runs the investment group Pontinova Circle. Mustafa Kheriba was named a top 50 Mena Fund Manager two years in a row and is known for creating and building value in companies. He has held key positions across organizations in the UAE, Egypt, Jordan, Bahrain, KSA and UK; and was a member of the board of several locally listed entities, while Dr. Kai’s expertise in FinTech is supported by the network of Pontinova i Switzerland, the EU and the United Arab Emirates. Having both a keen interest in the project’s future, they also as veterans in this field believe that in the near future this project will be among the leading blockchain platforms due to the team’s dedication to constant updates for improvement and better usability.
Widely known throughout the MENA region, an influential figure and expert in the field of telecommunications with 35 years of experience, DU Telecom ex-CEO, Osman Sultan has become a board advisor in the Venom Foundation. He predicts that the industry needs to look for a blockchain platform that will be flexible enough to reach out and bridge different dimensions of the market players through its customized service, he said – “All industries are currently undergoing a profound transformation, one made possible by the acceleration of capabilities offered by technology. The astonishing disruption induced by social networks is driven by the quest to find economically viable ecosystems. We should now focus on establishing the right platforms to allow the emergence of the new conversations needed for these ecosystems that address the intersections of the technological, economic and societal dimensions to make room for a more technologically efficient and humanly rewarding future under all these rapid changes.“
The Venom blockchain is claimed to be a platform that will bring new customized approaches to the market across the globe.
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SOURCE Abu Dhabi Global Market (ADGM)
