- Everscale blockchain has received a $5 million strategic investment from Venom Ventures Fund, the new Abu Dhabi-based $1 billion venture fund.
- The investment is to be made in phases, and funds will be used to expand team projects and development.
Regardless of crypto market conditions, building and developing in the blockchain industry is always a good time. Iceberg Capital’s Venom Ventures Fund, a Web3 and blockchain innovation fund, has announced a strategic partnership with Everscale, a premier blockchain that aims to solve the scalability issues plaguing the Web3 industry.
Venom Ventures Fund has invested $5 million in Everscale to help it expand its development teams and increase the number of projects. The investment will be in phases in line with progress and cooperation indicators.
Over the last two years, Everscale has been working hard to expand its reach and integrate its technology solutions in Asian countries, all while building a solid community. Its dynamic sharding technology allows it to efficiently adapt to varying workloads, making it a simple and practical choice for developing large-scale Web3 and other applications.
In collaboration with Venom Foundation, Iceberg Capital Limited launched the Venom Ventures Fund, the first officially licensed and regulated layer-1 blockchain operating in the Abu Dhabi Global Market (ADGM).
According to Peter Knez, Chairman of Venom Ventures Funds and former chief investment officer of BlackRock,
“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 referring to the Venom blockchain project and ecosystem, which is planned to launch soon and for which Everscale is a potential layer two solutions.”
The Venom and Everscale teams will collaborate on further developing the core and ecosystem, bringing blockchain adoption closer to real-world business use cases. Current initiatives include:
- Digital asset tokenization platforms.
- A full framework for central bank digital currencies.
- Stablecoins.
- Payment solutions with crypto to fiat gateways.
Moon Young Lee, an Everscale Foundation board member, commented on the investment:
“This is a milestone for both the Everscale and Venom Networks. The technological capabilities of Everscale are immense, but a wider audience has underappreciated them. 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.”
Venom, designed as a network of blockchains, has no limit on the number of other auxiliary networks at the layer 2 level and no limit on the type of economy or operation at the layer two levels. This architecture means mass adoption of the Venom blockchain is now possible.
About Everscale
The Everscale network, powered by an infinite sharding mechanism, can adapt to any workload without affecting transaction times or processing fees. As a result, it is ideal for hosting large-scale Web3 and other load-intensive projects. Everscale has emerged as one of Asia’s leading blockchains in the last two years, with a thriving community and a robust ecosystem of DeFi platforms.
About Iceberg Capital
Iceberg Capital is a Prudential Category 3C investment manager based in Abu Dhabi and is regulated by the Financial Services Regulatory Authority. Iceberg Capital is a rapidly expanding alternative asset management firm that offers diversified investment platforms such as direct and private equity, venture capital, technology, and virtual assets. Iceberg Capital also provides traditional asset management services such as investment portfolios, specialized securities, and blockchain technology platforms.
The Venom Foundation
Venom is the first regulated blockchain in the world. The ADGM has jurisdiction over the decentralized network, which has a license to issue utility tokens. The ADGM is a haven for investors and financial services firms, establishing Venom as the world’s first compliant blockchain, allowing governments and businesses to build, innovate, and scale.
Various companies have created a portfolio of in-house decentralized applications and protocols on the Venom blockchain. It now has the potential to serve as a bridge for the adoption of CBDCs in the Middle East, North Africa, and around the world.
