Abu Dhabi-based Venom Foundation Creates $1B Web3 And Blockchain Fund
Venom Ventures Fund will invest one billion dollars in Web3, blockchain, and cryptocurrency products and services.
Venom Foundation, an Abu Dhabi-based blockchain platform, and Iceberg Capital, an investment manager, announced a new agreement to distribute $1 billion in funding to Web3 and blockchain companies.
The Venom Ventures Fund will invest in protocols and Web3 decentralized apps (DApps) primarily concerned with payments, asset management, decentralized finance (DeFi), and GameFi goods and services.
The fund is a collaboration between Venom Foundation, a layer-1 blockchain technology, and Iceberg Capital, an investment management company based in Abu Dhabi Global Market (ADGM). To provide incubation programs, industry contacts, marketing, exchange listing, and technical, legal, and regulatory help, the latter will seek to take advantage of its current network.
The fund will be managed by Iceberg Capital, which will make pre-seed and Series A investments in businesses and projects. The collaboration intends to hasten enterprises’ development of blockchain, DeFi, and Web3 goods and services.
The Venom Foundation, the organization’s founders, and local institutional and private investors provided the fund’s seed money, according to Peter Knez, chairman of Venom Ventures. The fund will assist businesses and initiatives with a worldwide reach, not only those in Abu Dhabi.
The investment fund will promote venom’s scalable, proof-of-stake-based blockchain solution to entrepreneurs and IT companies. The company highlighted essential services that might run on top of Knez’s ADGM-regulated blockchain:
“Payment systems, central bank digital currencies (CBDC), stablecoins, and remittance are core services that Venom can provide a solution for due to our unique blend of technology and enterprise.”
The platform, in Knez’s opinion, may support a wide range of use cases, with the ability to drive Web3 business models and financial inclusion through micropayment solutions:
“Venom has a vision where developing countries can participate in western countries’ labor markets.”
The Middle East’s cryptocurrency and blockchain powerhouse is still being established in Abu Dhabi. In September 2022, the United Arab Emirates’ capital issued regulations for the sector under the control of the ADGM.
According to reports, over 1,500 Web3 companies and organizations are operating in the UAE, and Abu Dhabi has continued to license cryptocurrency exchanges like Binance and Kraken through 2022.
