Abu Dhabi, Abu Dhabi, 31 January 2023, Chainwire
Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has announced a strategic partnership with Everscale, a blockchain premier that aims to solve the scalability issues plaguing the Web3 industry.
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Venom Ventures Fund has invested $5 million in Everscale to help it further expand its development teams and increase the number of projects. The investment will be phased, based on indicators of progress and cooperation.
Over the past two years, Everscale has been working hard to expand its reach and integrate its 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.
Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with Venom Foundation, the first officially licensed and regulated Tier 1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Venom Ventures Fund Chairman Peter Knez, former BlackRock CIO, said: “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 talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential level 2 solution.”
The Venom and Everscale teams will work together to further develop the core and ecosystem, bringing blockchain adoption closer to real business use cases. Current initiatives such as digital asset tokenization platforms, a complete CBDC and stablecoin framework, and payment solutions with crypto-to-fiat gateways are already progressing well.
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 technology capabilities are vast, but underappreciated 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 being ported to Venom. This investment will allow Everscale to receive the recognition it deserves.”
Designed as a network of blockchains, Venom has no limit to the number of other tier 2 ancillary networks and no limit to the type of economy or operation at tier 2. This particular architecture means that mass adoption is now achievable on the Venom blockchain.
Powered by an infinite sharding mechanism, the Everscale network adapts to whatever workload it is loaded with, without the size of the workload affecting transaction times or processing fees. This makes it the ideal blockchain for hosting high-scale web3 and other load-intensive projects. Over the past two years, Everscale has become one of the leading blockchains in Asia, with a thriving community and a robust ecosystem of DeFi platforms.
More about the Everscale Network:
website | Twitter | White paper | Github | Telegram An | Telegram | Discord
About Iceberg Capital
ICEBERG Capital Limited is regulated by the FSRA as a Prudential Category 3C Investment Manager based in ADGM. ICEBERG capital is a fast-growing alternative asset management company that provides diversified investment management platforms including direct and private equity, venture capital, technology and virtual assets. ICEBERG Capital also offers traditional asset management services such as investment portfolios, as well as specialized platforms for securities and blockchain technology.
For media inquiries please contact: Abdullah Al Weshah, [email protected]
For more information about Iceberg Capital visit: website | LinkedIn
About the Venom Foundation
Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of ADGM, with a license to issue utility tokens. ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first interoperable blockchain, giving authorities and enterprises the freedom to build, innovate and scale.
A portfolio of internal dApps and protocols has been developed on the Venom blockchain by various companies. It now holds the potential to become 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 visit: website | Twitter
For more information about the Venom Foundation, visit: website | Twitter