Venom Foundation, an Abu Dhabi-based blockchain platform, and Iceberg Capital, an investment manager, announced a new agreement in which they will distribute $1 billion in funding to Web3 and blockchain companies.
The Venom Ventures Fund will invest in protocols and Web3 decentralised applications (DApps) that are primarily concerned with payments, asset management, decentralised 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). In order to provide incubation programs, industry connections, 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 the development of blockchain, DeFi, and Web3 goods and services by enterprises.
Peter Knez, the chairman of Venom Ventures, responded to inquiries from Cointelegraph by stating that the fund’s seed money came from the Venom Foundation, the organization’s founders, as well as local institutional and individual investors. The fund will support businesses and initiatives with a worldwide reach, not only those situated in Abu Dhabi.
Venom’s scalable, proof-of-stake-based blockchain solution will be promoted by the investment fund to entrepreneurs and tech companies. Key services that might run on top of Knez’s ADGM-regulated blockchain were highlighted by the company:
Venom can offer a solution for payment systems, central bank digital currencies (CBDC), stablecoins, and remittance because of our distinctive combination of technology and business.
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 envisions a world in which underdeveloped nations may compete on the labour markets of developed nations.
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, there are over 1,500 Web3 companies and organizations operating in the UAE, and Abu Dhabi has continued to license cryptocurrency exchanges like Binance and Kraken through 2022.