Abu Dhabi-based Venom Foundation launches $1B fund for Web3 and blockchain
Abu Dhabi-based blockchain platform Venom Foundation and investment manager Iceberg Capital announced that they will allocate $1 billion in funding to Web3 and blockchain firms through a new partnership.
Venom Ventures Fund is set to invest in protocols and Web3 decentralized applications (DApps) focusing on payments, asset management, decentralized finance (DeFi) and GameFi products and services.
The fund is a partnership between tier-1 blockchain solution, Venom Foundation and Abu Dhabi Global Market (ADGM) investment management firm, Iceberg Capital. The latter will look to leverage its existing network to provide incubation programs and industry connections as well as marketing, IPO and technical, legal and regulatory support.
Related: UAE regulator adopts blockchain to speed up commercial assessments
Iceberg Capital will manage the fund, investing in projects and companies through pre-seed and Series A financing rounds. The partnership aims to accelerate businesses developing blockchain, DeFi and Web3 products and services.
In response to questions from Cointelegraph, Venom Ventures Chairman Peter Knez said that the Venom Foundation, its founders and regional institutional and private investors had seeded capital for the fund. The fund will support companies and projects with a global footprint and is not limited to Abu Dhabi-based firms.
The investment fund will look to attract startups and technology firms to use Venom’s scalable, proof-of-stake blockchain solution. Knez highlighted key services that can operate on top of its ADGM regulated blockchain:
“Payment systems, central bank digital currencies (CBDC), stablecoins and remittance are core services that Venom can provide a solution for due to our unique blend of technology and business.”
Knez also believes that the platform can drive a variety of use cases, highlighting the potential for micropayment solutions that drive Web3 business models and financial inclusion:
“Venom has a vision where developing countries can participate in Western countries’ labor markets.”
Abu Dhabi continues to make moves to become a cryptocurrency and blockchain hub in the Middle East. The capital of the United Arab Emirates published regulatory guidelines for the industry in September 2022 during the ADGM.
Over 1,500 Web3 companies and organizations are reportedly set to operate in the UAE, while Abu Dhabi continued to grant licenses to cryptocurrency exchanges through 2022, including Binance and Kraken.
