The new fund, named Venom Ventures, will invest in protocols, as well as decentralized Web3 applications. Projects, operating within payments, asset management, as well as initiatives of the decentralized finance (DeFi) area and the GameFi sector, can count on support.
Powerful support for blockchain projects
Venom Foundation, which is a blockchain-oriented platform based in Abu Dhabi, is joining forces with Iceberg Capital. The investment manager of the second entity has announced a partnership, under which as much as $1 billion, will go to support Web3 and blockchain companies. The fund, named Venom Ventures, will aim to invest in crypto entities in various fields. Those with a focus on payments, asset management, as well as DeFi, and GameFi are expected to gain the most.
As part of the partnership, Iceberg Capital will be oriented to use its own network to offer incubation programs. The company’s bargaining chip is the industry connections, marketing and stock market listings available here. It also offers technical, legal and regulatory support.
Venom Foundation intent on global expansion
At the same time, Venom Ventures CEO Peter Knez noted that the fund’s goal is not to focus on local solutions. Projects from all over the globe can count on support, especially those that, in the opinion of the foundation’s representatives, will present themselves as the most developmental.
The fund will focus on start-ups that wish to take advantage of the proof-of-stake-based scaling offered by Venom. In doing so, he indicated which services the foundation’s representatives believe look most promising at the moment:
“Payment systems, central bank digital currencies (CBDCs), stablecoins and remittances are the core services for which Venom can provide a solution through our unique blend of technology and entrepreneurship.”
Venom’s big opportunities
Peter Knez points out that the Foundation is able to support many use cases. Micropayments and financial inclusion are among them. As he pointed out:
“Venom has a vision in which developing countries can participate in the labor markets of Western countries.”
It is worth noting that Abu Dhabi, is one of the regions in the world that is racing to become the largest cryptocurrency hub. There are already more than 1,500 blockchain companies operating in the UAE. This is fostered by the lightning-fast implementation of a transparent law that has taken place over the past year.
