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

Abu Dhabi-based blockchain level Venom Foundation and concern manager Iceberg Capital announced they volition allocate $1 cardinal of backing to Web3 and blockchain firms done a caller partnership.

The Venom Ventures Fund is acceptable to put successful protocols and Web3 decentralized applications (DApps) focused connected payments, plus management, decentralized concern (DeFi) and GameFi products and services.

The money is simply a concern betwixt layer-1 blockchain solution, Venom Foundation and Abu Dhabi Global Market (ADGM) concern absorption firm, Iceberg Capital. The second volition look to leverage its existing web to connection incubation programs and manufacture connections arsenic good arsenic marketing, speech listing and technical, ineligible and regulatory support.

Related: UAE regulator adopts blockchain to velocity up commercialized judgments

Iceberg Capital volition negociate the fund, investing successful projects and companies done pre-seed and Series A backing rounds. The concern aims to accelerate businesses processing blockchain, DeFi and Web3 products and services.

In effect to questions from Cointelegraph, Venom Ventures president Peter Knez said that the Venom Foundation, its founders and determination organization and backstage investors had seeded superior for the fund. The money volition enactment companies and projects with a planetary footprint and is not constricted to Abu Dhabi-based firms.

Cast your ballot now!

The concern money volition look to pull startups and exertion firms to usage Venom’s scalable, proof-of-stake-based blockchain solution. Knez highlighted cardinal services that could run connected apical of its ADGM-regulated blockchain:

“Payment systems, cardinal slope integer currencies (CBDC), stablecoins and remittance are halfway services that Venom tin supply a solution for owed to our unsocial blend of exertion and enterprise.”

Knez besides believes that the level could powerfulness a multitude of usage cases, highlighting the imaginable for micropayment solutions driving Web3 concern models and fiscal inclusion:

“Venom has a imaginativeness wherever processing countries tin enactment successful occidental countries’ labour markets.”

Abu Dhabi continues to marque moves to go a cryptocurrency and blockchain hub successful the Middle East. The superior of the United Arab Emirates published regulatory guidelines for the industry successful September 2022 nether the purview of the ADGM.

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