As part of a strategic partnership, Venom and Everscale will work together to bring blockchain adoption closer to real business use cases.
Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital LimitedVenom Ventures FundAnnounced a strategic partnership with Everscale, Everscaleis a major blockchain designed to solve the scalability issues plaguing the Web3 industry.
Venom Ventures Fund has committed $5 million to Everscale to help it further expand its development team and increase the number of projects. Investments will be made in phases according to progress and cooperation indicators.
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 adapt efficiently to different workloads, making it an easy and practical choice for creating large-scale Web3 and other types of applications.
Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with Venom Fund, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Peter Knez, chairman of Venom Ventures Fund and former chief information officer of BlackRock, said:
For us, this is a strategic investment in technology development of projects and teams around technologies that we are focused on and actively developing. In particular, we are talking about the Venom blockchain project and its ecosystem that is planned to launch soon, and Everscale is a potential layer 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 Crypto asset tokenization platforms, a complete framework for CBDCs and stablecoins, and crypto-to-fiat gateway payment solutions have made good progress.
Commenting on the investment, Everscale Foundation board member Moon Young Lee said:
This is a milestone for the Everscale and Venom networks. Everscale’s technical capabilities are enormous, but they have been underestimated by a wider audience. Now, Everscale will be able to operate as an experimental network where newer and complex technical solutions can be introduced before they are introduced to Venom. This investment will give Everscale the recognition it deserves.
Venom is designed as a blockchain network with no restrictions on the number of other auxiliary networks at layer 2, and no restrictions on the type of economy or operations at layer 2. This particular architecture means that mass blockchain adoption is now possible on Venom.
About Everscale
Backed by an infinite sharding mechanism, the Everscale network adapts to any workload it takes on without the size of the load affecting transaction times or processing fees. This makes it an ideal blockchain for hosting large-scale web3 and other load-intensive projects. Over the past two years, Everscale has become one of Asia’s leading blockchains with a thriving community and a strong ecosystem of DeFi platforms.
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More information on the Everscale network:
website| Twitter| white paper| Github | telegram subscription| telegraph| Discord
About Iceberg Capital
ICEBERG Capital Limited is regulated by FSRA and is a Prudential 3C investment manager located in ADGM. ICEBERG capital is a fast-growing alternative asset management firm offering a diversified investment management platform including direct and private equity, venture capital, technology and virtual assets. ICEBERG capital also provides traditional asset management services such as investment portfolios and a professional platform for securities and blockchain technology.
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For more information on Iceberg Capital, please visit: website| LinkedIn
About the Venom Foundation
Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of ADGM and is licensed to issue utility tokens. ADGM is an oasis for investors and financial services companies, positioning Venom as the world’s first compliant blockchain, giving authorities and businesses the freedom to build, innovate and expand.
Various companies have developed a series of internal dApps and protocols on the Venom blockchain. It now has the potential to be a bridge to CBDC adoption in the Middle East, North Africa and globally.
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For more information on Venom Ventures, please visit:website | Twitter
For more information on the Venom Foundation, please visit:website | Twitter