Abu Dhabi-based Venom Foundation launches $1B fund for Web3 and blockchain

Abu Dhabi-based blockchain platform Venom Foundation and investment manager Iceberg Capital announced they will allocate $1 billion of funding to Web3 and blockchain firms through a new partnership.

The Venom Ventures Fund is set to invest in protocols and Web3 decentralized applications (DApps) focused on payments, asset management, decentralized finance (DeFi) and GameFi products and services.

The fund is a partnership between layer-1 blockchain solution, Venom Foundation and Abu Dhabi Global Market (ADGM) investment management firm, Iceberg Capital. The latter will look to leverage its existing network to offer incubation programs and industry connections as well as marketing, exchange listing and technical, legal and regulatory support.

Related: UAE regulator adopts blockchain to speed up commercial judgments

Iceberg Capital will manage the fund, investing in projects and companies through pre-seed and Series A funding rounds. The partnership aims to accelerate businesses developing blockchain, DeFi and Web3 products and services.

In response to questions from Cointelegraph, Venom Ventures chairman Peter Knez said that the Venom Foundation, its founders and regional institutional and private investors had seeded capital for the fund. The fund will support companies and projects with a global footprint and is not limited to Abu Dhabi-based firms.

Cast your vote now!

The investment fund will look to attract startups and technology firms to use Venom’s scalable, proof-of-stake-based blockchain solution. Knez highlighted key services that could operate on top of its 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.”

Knez also believes that the platform could power a multitude of use cases, highlighting the potential for micropayment solutions driving Web3 business models and financial inclusion:

“Venom has a vision where developing countries can participate in western countries’ labor markets.”

Abu Dhabi continues to make moves to become a cryptocurrency and blockchain hub in the Middle East. The capital of the United Arab Emirates published regulatory guidelines for the industry in September 2022 under the purview of the ADGM.

Over 1,500 Web3 businesses and organizations reportedly operate in the UAE, while Abu Dhabi continued to grant licenses to cryptocurrency exchanges throughout 2022, including Binance and Kraken.

All Dutch and English crypto news!

Real-world data for blockchain apps: Gora joins Cointelegraph Accelerator

Gora, a decentralized blockchain oracle network that enables developers to use off-chain data in their DApps, joins the Cointelegraph Accelerator program. CT Accelerator Own this piece of...

Bybit crypto exchange launches trading platform in the Netherlands

Major global crypto exchange Bybit announced the launch of Bybit.nl as a new regulated crypto trading platform in the Netherlands. News Own this piece of crypto history Collect...

Prisma Finance exploited for $10 million

Prisma finance engineers have already halted the protocol to investigate the attack. News Own this piece of crypto history Collect this article as NFT Join us on social networks Prisma...

Analist: ‘Dominantie van Bitcoin op cryptomarkt gaat exploderen’

De populaire macro-analist Benjamin Cowen verwacht dat de dominantie van Bitcoin binnenkort gaat exploderen. “De BTC dominantie-trein staat op het punt om het station te...

Beste exchanges

Koop je crypto bij Bitvavo