DUBAI, United Arab Emirates: The Venom Foundation has been registered as the first crypto foundation in the ADGM, licensed to operate a blockchain and issue utility tokens. ADGM is known as a fintech oasis for investors and financial services firms in the region and from around the world. The next important step in the Venom Blockchain – the launch – will be announced soon.
Venom blockchain is an asynchronous blockchain technology for dynamic sharding, which has made an unprecedented leap in the development of blockchain technology globally, bringing to the market limitless scalability and higher security guarantees with decentralization. The Venom Foundation is a leader in three core directions, such as Essential Infrastructure, Support of Inbound Projects, Developer-friendly Platform, each to provide new solutions to solve previously existing problems in the crypto market. However, the most valuable feature for the MENA region market is the technology that enables large companies and corporations to make an easy and secure transition to Web3 globalization, managing the gross data transaction flows without faltering by increasing fees and transaction times.
The Venom Foundation’s main priority is to develop and support a self-sustaining blockchain ecosystem, and it has already produced significant results: non-custodial wallet (VenomWallet mobile application and Desktop Browser Extension) with a Option for Multisig accounts and Ledger User support, VenomScan (to keep everything transparent with access to transaction history), VenomBridge (which allows the interchain transactions to be done quickly, while the price is low), VenomPools (to bet on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.The world (native decentralized central) is built. Individual developers, companies and public authorities will be able to engage the Venom Foundation to establish new products such as NFT marketplace, Derivative exchange, fiat-backed stablecoin, and many others to come the potential to become a bridge towards broad adoption of CBDC in the UAE, other MENA countries and globally. Subject to relevant regulatory approvals, the Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.
Today, entrepreneurs in the MENA region are considered the pioneers of adopting global crypto trends, thus there is an important need for companies to think about decentralized globalization of data flows for businesses as well as governmental and social projects. The Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, has previously launched its framework to regulate spot cryptocurrency activities, including those conducted by exchanges (MTFs), custodians and other intermediaries in the ADGM. This follows the need to reduce the full range of potential risks associated with crypto-asset activities and shows that security remains the first priority for the market trend itself.
The Venom blockchain is an exciting project for pioneers and early adopters and has been developed and supported by major market specialists and industry leaders involved in its development and potential launch. Mustafa Kheriba, Dr. Kai-Uwe Steck are foundation members and have given the project’s team full support and their unique and outstanding expertise guidance.
Mustafa Kheriba is executive chairman of Iceberg Capital; and also serves as Executive Chairman of VENOMEX, a multilateral trading facility and digital asset custodian fully licensed and regulated by the FSRA at ADGM; member of the board of Mirabank, Australian Gulf Capital, Quantum Age Corporation; and member of the Pathway 20 initiative steering committee. Mustafa Kheriba was named a top 50 Mena Fund Manager two years in a row and is known for creating and building value in companies. He has held key positions across organizations in UAE, Egypt, Jordan, Bahrain, KSA and UK; and was a member of the board of several locally and regionally listed entities. Dr. Kai-Uwe Steck is a Swiss/German lawyer, who leads the Pontinova Circle investment group., and has extensive expertise in FinTech and has a global presence with offices in Switzerland, Germany and Abu Dhabi. Both have been instrumental in the support and founding of Venom and strongly believe that in the near future this project will be among the leading blockchain platforms globally, due to the team’s ability and dedication to improvement and better usability.
The Venom Foundation has an exceptional panel of renowned professionals and influential figures in the technology industry, the investment sector and keen entrepreneurs such as Peter Knez, Osman Sultanand Shahal M. Khan. Peter KnezPh.D., former Global Chief Investment Officer at BlackRock, and founder of Knex Ventures, is an industry leader and experienced investor in technology and fintech with a focus on data and data-driven decision making. Osman SultanDU Telecom’s former CEO and founder of Fikratech, is a visionary leader and one of the pioneers in the MENA region with 35 years of experience in the telecommunications field. Shahal M. Khanfounder of Burkhan World, Trinity Hospitality Holdings and CEO of Burtech, is considered to be a strategic investor and financial leader in alternative global finance and New Economic theory related to digital assets.
The future for this sector is bright and it is clear that the industry needs a blockchain platform that will be flexible enough to reach out and bridge different dimensions of market participants through its customization service. The Venom blockchain will lead the way and will become a platform that will bring a new customized approach to the market globally.
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*Source: AETOSWire
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