Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has announced a strategic partnership with Everscale. This premier blockchain aims to solve the scalability issues bogging down the Web3 industry.
Venom Ventures Fund has committed a $5 million investment in Everscale to help it further expand its development teams and boost the number of projects. The investment will be in stages, based on the progress and cooperation indicators.
Everscale has been diligently working on expanding its reach and integrating its technology solutions in Asian countries over the past two years while also building a strong community. Its dynamic sharding technology enables it to efficiently adapt to varying workloads, thus making it an easy and practical option for creating large-scale Web3 and other applications.
Iceberg Capital Limited launched the Venom Ventures Fund in partnership with Venom Foundation, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, said,
For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.
Venom and Everscale teams will be working together to develop the core and the ecosystem further, bringing blockchain adoption closer to real business use cases. Current initiatives such as digital asset tokenization platforms, a full framework for CBDCs and stablecoins, and payment solutions with crypto to fiat gateways are already making good headway.
Commenting on the investment, Everscale Foundation Board Member Moon Young Lee said:
This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but have been underappreciated by a wider audience. Now, Everscale can operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.
Designed as a network of blockchains, Venom has no limit to the number of other auxiliary networks at the Layer 2 level and no limit to the economy type or operation at Layer 2. This particular architecture means mass adoption is now achievable on the Venom blockchain.
Powered by an infinite sharding mechanism, the Everscale network adapts to any workload it is tasked with without the size of the load affecting transaction times or processing fees. This makes it the ideal blockchain for hosting high-scale web3 and other load-intensive projects. Over the past two years, Everscale has emerged as one of the leading blockchains in Asia, with a thriving community and robust ecosystem of DeFi platforms.
About Iceberg Capital
FSRA regulates ICEBERG Capital Limited as a Prudential Category 3C investment manager based in ADGM. ICEBERG capital is a fast-growing alternative asset management company that provides diversified investment management platforms that include direct and private equity, venture capital, technology, and virtual assets. In addition, ICEBERG capital also offers traditional asset management services such as investment portfolios, specialized securities, and blockchain technology platforms.
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About Venom Foundation
Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens. As a result, the ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
Various companies have developed a portfolio of in-house dApps and protocols on the Venom blockchain. As a result, it now harbors the potential to become a bridge for adopting CBDCs in the Middle East, North Africa, and worldwide.
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