Abu Dhabi, Abu Dhabi, 31 January 2023, Chainwire
The Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, is a premier block aimed at solving the scalability problems that are bogging down the Web3 industry. announced a strategic partnership with chain Everscale.
The Venom Ventures Fund has committed $5 million to Everscale to further expand its development team and increase the number of projects. Investments will be made in stages based on progress and cooperation indicators.
Over the past two years, Everscale has worked diligently to expand its reach and integrate technology solutions in Asian countries while building a strong community. Its dynamic sharding technology allows it to efficiently adapt to different workloads, making it an easy and practical option for creating large-scale Web3 and other types of applications.
The Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with the Venom Foundation, the first officially licensed and regulated Layer 1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Peter Knez, Chairman of the Venom Ventures Fund and former CIO of BlackRock, said:For us, this is a strategic investment aimed at technical 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. This project is about to start and Everscale is a potential Layer 2 solution.“
The Venom and Everscale teams will collaborate on further development of the core and ecosystem to bring blockchain adoption closer to real business use cases. Current initiatives such as a tokenization platform for digital assets, a complete CBDC and stablecoin framework, and payment solutions with crypto-to-fiat gateways are already well underway.
Commenting on the investment, Everscale Foundation Board Member Moon Young Lee said:This is a milestone for both the Everscale and Venom networks. Everscale’s technical prowess is immense and has been underestimated by a wider audience. Everscale will now be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are introduced to Venom.This investment will give Everscale the recognition it deserves“
Designed as a network of blockchains, Venom has no limit on the number of other auxiliary networks at Layer 2 level and no limits on economy types and operations at Layer 2. This particular architecture means that mass adoption is achievable with Venom. blockchain.
With an infinite sharding mechanism, the Everscale network adapts to any workload processed without load size impacting transaction times or processing fees. This makes it an ideal blockchain for hosting large web3 and other heavy-duty projects. Over the past two years, Everscale has emerged as one of Asia’s leading blockchains, with a vibrant community and robust ecosystem of DeFi platforms.
Everscale network details:
About Iceberg Capital
ICEBERG Capital Limited is regulated by the FSRA as a Prudential Category 3C investment manager under ADGM. ICEBERG Capital is a fast-growing alternative asset management firm offering a diversified investment management platform including direct investment, private equity, venture capital, technology and virtual assets. ICEBERG Capital also offers traditional asset management services such as investment portfolios, dedicated platforms for securities and blockchain technology.
Media Contact: Abdullah Al Weshah, [email protected]
For more information about Iceberg Capital, please visit www.icebergcapital.com. website | | LinkedIn
About the Venom Foundation
Venom is the world’s first regulated blockchain. The decentralized network operates under ADGM’s jurisdiction and is licensed to issue utility tokens. ADGM is an oasis for investors and financial services companies, positioning Venom as the world’s first compliant blockchain, giving authorities and businesses the freedom to build, innovate and scale.
A portfolio of in-house dApps and protocols are being developed on the Venom blockchain by various companies. It now has the potential to be a bridge for CBDC adoption in the Middle East, North Africa, and around the world.
For media inquiries, please contact Adam Newton. [email protected]
For more information on Venom Ventures, please visit: website | | twitter
For more information on Venom Foundation, please visit: website | | twitter
Adam Newton [email protected]