Abu Dhabi-based Venom Foundation creates $1B Web3 and blockchain fund.
Venom Foundation, which operates as a blockchain platform and is based in Abu Dhabi, and Iceberg Capital, which operates as an investment management firm and is based in New York, recently made the announcement that they would work together to provide Web3 and blockchain companies with funding in the amount of one billion dollars.
The Venom Ventures Fund plans to make investments in protocols and decentralized applications (DApps) for the Web3 platform that focus on payment processing, asset management, decentralized finance (DeFi), and gaming finance (GameFi) products and services.
Iceberg Capital, an investment management company that is active on the Abu Dhabi Global Market, and Venom Foundation, a blockchain technology that operates at the layer-1 level, have worked together to create the fund as a consequence of their partnership (ADGM).
In addition to marketing, exchange listing, and assistance in the areas of technical, legal, and regulatory compliance, this latter business will strive to leverage its existing network in order to offer incubation programs and industry relationships.
Iceberg Capital, which will also be in charge of making investments in firms and projects throughout their pre-seed and Series A fundraising rounds, will be in charge of managing the fund that will be created.
The firms who are members of the alliance want to move as quickly as possible to provide products and services that are compatible with blockchain, DeFi, and Web3.
The investment fund will make an effort to recruit enterprises and technological organizations who have an interest in making use of Venom’s proof-of-stake scalable blockchain solution.
Knez is likewise of the view that the platform is able to power a broad range of use cases, highlighting the prospect of micropayment solutions driving Web3 business models and helping to financial inclusion. He thinks that this platform has the capabilities.
Abu Dhabi is making steady progress toward its goal of becoming a cryptocurrency and blockchain powerhouse in the Middle East, and it is taking the required measures to achieve this goal.
In the United Arab Emirates (UAE), there are over 1,500 Web3 businesses and organizations operating, and Abu Dhabi has continued to give licenses to cryptocurrency exchanges far into 2022. Binance and Kraken are two examples of these exchanges.