Abu Dhabi’s Venom Foundation and Iceberg Capital plan to invest $1 billion in Web3 and blockchain technology firms through a new partnership.
The Venom Ventures Fund plans to invest in various decentralized applications (DApps) and protocols that focus on areas such as payments, asset management, decentralized finance (DeFi) and GameFi, to name a few.
High Power Partnership
The Venom Ventures Fund is a partnership between the Venom Foundation, a layer-1 blockchain solution, and Iceberg Capital, an Abu Dhabi-based investment management firm (ADGM).
Iceberg will work to leverage its connections to provide resources such as incubation programs, networking opportunities, marketing support, exchange listings, and technical, legal, and regulatory advice. Iceberg Capital will oversee the Venom Ventures Fund and invest in projects and companies in their early stages, specifically during pre-seed and Series A funding rounds. The partnership’s goal is to help accelerate the growth of businesses that are working on developing products and services in the blockchain, DeFi, and Web3 space.
When asked by crypto publication Cointelegraph, Venom Ventures Chairman Peter Knez stated that the fund’s initial capital was provided by the Venom Foundation, its founders, and regional institutional and private investors. The fund will assist businesses and projects worldwide, not just in Abu Dhabi.
Venom’s PoS Solution
The Venom Ventures Fund aims to encourage start-ups and technology companies to make use of Venom’s blockchain solution which is based on Proof of Stake and able to scale.
Knez emphasized the critical services that can run on its blockchain, which is governed by ADGM.
“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 stated that he believes the platform has the potential to drive a wide range of use cases, specifically the possibility of micropayment solutions driving Web3 business models and financial inclusion.“Venom has a vision where developing countries can participate in western countries’ labor markets.”
UAE to Join El Salvador & Australia?
Abu Dhabi is actively working to establish itself as a hub for cryptocurrency and blockchain in the Middle East. The capital of the United Arab Emirates released regulatory guidelines for the industry in September 2022, under the oversight of the ADGM. Abu Dhabi seeks to join the likes of El Salvador and Australia in the race to become a crypto hub. El Salvador, which was the first country to legalize Bitcoin, has seen its ranking in terms of total cryptocurrency ATM installations fall further as Australia has recorded 216 ATMs as of 2023.
It has been reported that over 1,500 businesses and organizations related to Web3 operate in the UAE. In addition, Abu Dhabi have also been granting licenses to cryptocurrency exchanges throughout 2022 such as Binance and Kraken.
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