Venom Ventures Fund makes a $5 million strategic investment in Everscale to scale blockchain adoption
Investments in blockchain and cryptocurrency have slowed down in recent months due to the global economic slowdown. But a recession is also a great time to invest in the next-generation digital technologies and long-term trends including Web3, dApps, payments, asset management, and DeFi.
That’s why Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, is investing in Everscale, a premier blockchain that aims to solve the scalability issues bogging down the Web3 industry.
Today, Venom Ventures Fund announced it has made a $5 million strategic investment in Everscale to scale blockchain adoption to help it further expand its development teams and boost the number of projects. The investment will be in stages, based on the progress and cooperation indicators.
The announcement comes just three weeks after Venom joined forces with Iceberg to launch a $1 billion crypto venture fund Venom Ventures Fund (VVF) to invest in early-stage startups focused on payments, asset management, banking services, and gaming on Web3, a future version of the internet built on blockchain.
Over the past two years, Everscale has been working on expanding its reach and integrating its technology solutions in Asian countries, while also building a strong community. Its dynamic sharding technology enables it to efficiently adapt to varying workloads, thus making it an easy and practical option for creating large-scale Web3 and other types of applications.
The Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with Venom Foundation, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Commenting on the investment, Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, 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 Layer 2 solution.”
As part of this partnership, Venom and Everscale teams will be working together on the further development of the core and the ecosystem bringing the adoption of blockchain closer to real business use cases. Current initiatives such as digital asset tokenization platforms, a full framework for CBDCs, and stablecoins and payment solutions with crypto to fiat gateways are already making good headway.
“This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to 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,” Everscale Foundation Board Member Moon Young Lee said.
Designed as a network of blockchains, Venom has no limit to the number of other auxiliary networks at the Layer 2 level and no limit to the economy type or operation at Layer 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 any workload it is tasked with, without the size of the load 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 emerged as one of the leading blockchains in Asia, with a thriving community and robust ecosystem of DeFi platforms.
ICEBERG Capital Limited is regulated by 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 that include 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.
Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
To date, a portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. Venom now has the potential to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and worldwide.