A New Breakthrough in the UAE Blockchain Venture Capital Space
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The launch of Abu Dhabi, Venom Ventures Fund (VVF), the first ADGM-licensed tier 1 blockchain foundation, and Iceberg Capital, the ADGM-regulated investment manager, have partnered and announced the launch of their first venture capital fund dedicated to blockchain investments, the Venom Ventures fund. Investments of up to $1 billion will be made by the fund, which is part of the Venom blockchain and is managed by a group of industry heavyweights and blockchain specialists; including Peter Knez, former CIO of BlackRock and Mustafa Kheriba, an experienced and well-known investment professional with an impressive track record in the region, focused on investing in top-level blockchain projects and WEB3.0 DApps, making it the leader to become a leading proponent of next generation digital technologies.
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The top executives of Venom and Iceberg see a win-win situation by investing in the most promising blockchain startups.
As a reminder, the Venom blockchain is a unique blockchain protocol. It operates asynchronously and uses dynamic sharding, relying on adaptive nodes that can handle varying traffic loads. This revolutionary improvement in blockchain technology provides greater security guarantees and infinite scalability.
The VC fund prioritizes WEB3.0 DApps and protocols that cater to long-term trends such as payments, asset management, banking and GameFi in their early development stages.
In addition to financial support, Venom Ventures Fund also offers an incubation program where vital resources such as a global network, exchange support, marketing, market creation, technology, legal and regulatory assistance are made available.
The Venture team includes veterans from both the traditional market and the blockchain market. Members of the team come from famous financial institutions such as Blackrock and Iceberg Capital, and include both traders and VCs. The team has deep experience in the finance, risk management, trading and venture capital markets, and they also have a solid grasp of the cryptocurrency market.
Peter Knez was overjoyed to announce the establishment of the fund in Abu Dhabi and the opportunity to invest in and promote the development of potential blockchain startups.
One of the fund’s first investments is Nümi Metaverse, a global metaverse platform for innovators, leaders and followers. They received a $20 million commitment from the Venom Ventures Fund. Their development team plans to release the “Visual Novel”, a mini-game experience that offers a variety of special prizes for players in 2023.
Nümi Metaverse will also launch on virtual reality devices by the end of this year, then on personal computers and mobile devices in 2024. Nümi’s investment is the first of many to come in the future quarters; fresh venturers interested in applying can do so on the VVF website.
