Abu Dhabi, United Arab Emirates, Oct. 10, 2022 (GLOBE NEWSWIRE) — Projects that are making an impact across the MENA region by unlocking better security, transparency and transaction management for public transactions
6 October 2022. Venom Foundation has been registered as the first crypto foundation in the Abu Dhabi Global Market (ADGM), licensed to operate a blockchain and issue utility tokens.
ADGM is the award-winning international financial center strategically located in the capital of the United Arab Emirates and is globally recognized as a hub for fintech and innovation in financial services.
Venom blockchain is an asynchronous blockchain technology with dynamic sharding, which uses flexible nodes that adapt to traffic changes. This leap in blockchain technology provides limitless scalability and higher security guarantees with decentralization.
The blockchain falls under the Venom Foundation, which innovates solutions in three core areas – Essential Infrastructure, Support of Inbound Projects and developer-friendly platforms. In the MENA region, the foundation focuses on technology that enables companies and governments to make easy and secure transitions to Web3, while managing large transaction flows without increasing lag or network fees.
The Venom Foundation’s main priority is to develop and support a self-sustaining blockchain ecosystem. The ecosystem will include the non-custodial wallet VenomWallet, a transparent transaction query tool VenomScan, a multi-chain bridging tool VenomBridge, Validator node staking VenomPools, and simple gateway to Venom tokens VenomGet.
The Venom Foundation provides B2B services to public authorities, developers and companies, helping them roll out solutions including NFT marketplaces, derivatives exchanges, fiat-backed stablecoins and much more.
Subject to relevant regulatory approvals, the Venom Foundation will work with ecosystem participants to ensure that such products are offered in a manner consistent with ADGM regulations.
Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, has previously innovated a framework to regulate spot crypto-asset activities, including those conducted by exchanges (MTFs), custodians and other intermediaries in the ADGM.
The Venom blockchain is supported by leaders who have been involved in its development. Mustafa Kheriba, Dr. Kai-Uwe Steck and Osman Sultan are among the foundation’s members who offer the project team full support and exceptional guidance. Mr. Kheriba is Executive Chairman of Iceberg Capital and also serves as Executive Chairman of Multilateral Trade Facility and Digital Asset Custodian VENOMEX.
Dr. Steck is a lawyer who leads the Pontinova Circle Investment Group and has extensive expertise in fintech. Mr. Sultan is the CEO of Emirates Integrated Telecommunications Company (du) and a thought leader in connectivity and technology innovation.
The foundation is also supported by a panel of technology thought leaders, including Peter Knez, PhD, former Global Chief Investment Officer at BlackRock, and founder of Knex Ventures; and Shahal M. Khan, founder of Burkhan World, Trinity Hospitality Holdings and CEO of Burtech.
The Venom Foundation’s innovation in blockchain technology will accelerate the adoption of blockchains in real-world use cases, while connecting multiple stakeholders in new ways. This is in line with the Emirates Blockchain strategy for using blockchain technology for public transactions.
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