The first ADGM licensed blockchain is also the most promising
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The Venom Foundation is the first cryptocurrency foundation to receive a license in the Abu Dhabi Global Market (ADGM), an international financial center and free zone located in Abu Dhabi, United Arab Emirates.
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Getting this license is a big deal for the Venom Foundation as it will allow the company to build an infinitely scalable blockchain platform in the Middle East and North Africa (MENA), which is becoming a hub for transaction management, maximum security and incoming authorities database projects.
The creation of a blockchain ecosystem that can function without outside help is the main goal of the Venom Foundation. The non-custodial wallet known as VenomWallet will be part of the ecosystem, as will the transparent transaction query tool known as VenomScan, the multi-chain bridging tool known as VenomBridge, VenomPools for validation node staking and a simple gateway to Venom tokens known as VenomGet.
The Venom Foundation will be able to collaborate with private developers, companies and government organizations to launch new services such as an NFT marketplace, a derivatives transaction and many others that can serve as a link to the widespread use of CBDC in the United Arab Emirates, other MENA nations and internationally. To ensure that these products are provided in a compatible manner within the trusted and well-governed environment of ADGM, the Venom Foundation will work with ecosystem partners.
Venom Foundation’s purpose
Venom Foundation assists government governments, developers and businesses in rolling out solutions such as NFT markets, derivatives exchanges, fiat-backed stablecoins with innovative B2B services.
The Foundation will work with ecosystem actors to ensure that such products are distributed in a manner consistent with ADGM standards, pending approval by applicable regulatory bodies.
Previously, Abu Dhabi Global Market, commonly referred to as ADGM, developed a mechanism to control transactions involving spot crypto-assets. Platforms (MTF), authorities and other facilitators are all involved in these activities.
Blackrock influence
The foundation is supported by senior executives, as Peter Knez, Ph.D., former global chief investment officer at BlackRock is in the mix, a well-known, experienced business leader and investor in fintech expertise with an emphasis on data-driven decision making. Also the founder of Knex Ventures, a force to be reckoned with, we expect big things from Venom.
The advancements in blockchain technology made by the Venom Foundation will accelerate the adoption of blockchains for use in real-world applications, while connecting various stakeholders in unique ways. This is in line with the Emirates Blockchain Strategy, which calls for the use of blockchain technology in the processing of public transactions.
Note: Investing in cryptocurrency and cryptoassets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not support such investments.
