Venom Ventures Fund commits $5M strategic investment in Everscale blockchain
As part of the strategic partnership, Venom and Everscale will work together to bring blockchain adoption closer to real business use.
Abu Dhabi, 31 January 2023 — Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital, has announced a strategic partnership with Everscale, a leading blockchain that aims to solve the scalability issues plaguing the Web3 industry.
Venom Ventures Fund has committed a $5 million investment in Everscale to help it further expand its development teams and increase its number of projects. The investment will be phased, based on progress and cooperation indicators.
Everscale has worked diligently to expand its reach and integrate its technology solutions in Asian countries over the past two years, while building a strong community. Its dynamic sharding technology enables it to efficiently adapt to varying workloads, thus making it an easy and convenient option for creating large Web3 and other types of applications.
Iceberg Capital Limited launched the Venom Ventures Fund in partnership with the Venom Foundation, the first officially licensed and regulated tier-1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Venom Ventures Fund Chairman and former Chief Investment Officer at BlackRock, Peter Knez, said:
“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential layer 2 solution.”
The Venom and Everscale teams will work together on the further development of the core and ecosystem, bringing blockchain adoption closer to real business applications. Current initiatives such as digital asset tokenization platforms, a complete framework for central bank digital currencies, stablecoins and payment solutions with crypto-to-fiat gateways are already making good progress.
Commenting on the investment, Everscale Foundation board member Moon Young Lee said:
“This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are enormous, but they have been underestimated by a wider audience. Now Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to receive the recognition it deserves.”
Designed as a network of blockchains, Venom has no limit to the number of other auxiliary networks at the layer 2 level and no limit to the type of economy or operation at layer 2. This particular architecture means that mass adoption is now achievable on the Venom blockchain.
About Everscale
Powered by an infinite sharding mechanism, the Everscale network adapts to any workload it is tasked with without the size of the workload affecting transaction times or processing fees. This makes it the ideal blockchain for hosting high-scale Web3 and other load-intensive projects. Over the past two years, Everscale has emerged as one of the leading blockchains in Asia, with a thriving community and robust ecosystem of DeFi platforms.
More about the Everscale network:
Website | Twitter | White Paper | GitHub | Telegram Ann | Telegram | Disagreement
About Iceberg Capital
Iceberg Capital is regulated by the Financial Services Regulatory Authority as a Prudential Category 3C investment manager based in Abu Dhabi. Iceberg Capital is a rapidly growing alternative asset management firm offering diversified investment management platforms, including direct and private equity, venture capital, technology and virtual assets. Iceberg Capital also offers traditional asset management services such as investment portfolios and specialized platforms for securities and blockchain technology.
For media enquiries, please contact Abdullah Al Weshah at: [email protected]
For more information on Iceberg Capital, visit: Website | LinkedIn
About the Venom Foundation
Venom is the world’s first regulated blockchain. The decentralized network operates under ADGM’s jurisdiction, licensed to issue utility tokens. ADGM is a haven for investors and financial services firms, positioning Venom as the world’s first interoperable blockchain, giving governments and businesses the freedom to build, innovate and scale.
Various companies have developed a portfolio of internal decentralized applications and protocols on the Venom blockchain. It now has the potential to become a bridge to the adoption of CBDCs in the Middle East, North Africa and worldwide.
For media inquiries, please contact Adam Newton at: [email protected]
For more information on Venom Ventures, visit: Website | Twitter
For more information on the Venom Foundation, visit: Website | Twitter
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