Venom Ventures Fund has officially pledged a $5 million strategic investment in Everscale's blockchain initiative.

Abu Dhabi, UAE, January 31, 2023 - Chainwire

The Venom Ventures Fund, managed by Iceberg Capital Limited, has forged a significant partnership with Everscale, a leading blockchain technology aiming to address the scalability challenges hindering the Web3 landscape.

Venom Ventures Fund's investment of $5 million will be disbursed in phases, contingent on the progress and synergy demonstrated in the partnership, specifically directed at enhancing Everscale's development capabilities and increasing project outputs.

Over the past two years, Everscale has been focused on broadening its influence and embedding its technological solutions in various Asian markets while simultaneously cultivating a strong community around it. With its innovative sharding technology, Everscale can effectively manage diverse workloads, making it a pragmatic choice for developing large-scale applications within the Web3 space, among others.

The Venom Ventures Fund This initiative was launched by Iceberg Capital Limited alongside the Venom Foundation, marking it as the first officially sanctioned and regulated Layer-1 blockchain operating under the Abu Dhabi Global Market (ADGM).

Peter Knez, the Chairman of Venom Ventures Fund and former CIO of BlackRock, stated, \"This represents a crucial step for us, focusing on the technological evolution of projects and teams in the areas we prioritize and actively develop". He further elaborated that it concerns the upcoming launch of the ecosystem surrounding a specific project, wherein Everscale could serve as a potential Layer 2 solution. strategic investment The teams from Venom and Everscale are set to collaborate in enhancing the core infrastructure and ecosystem, aiming to bring blockchain technology closer to practical applications in business. Current initiatives include platforms for digital asset tokenization, comprehensive frameworks for Central Bank Digital Currencies (CBDCs) and stablecoins, along with gateways connecting crypto to fiat currencies, all making significant progress.Moon Young Lee, a board member of the Everscale Foundation, remarked on the investment, saying, \"This marks a significant achievement for both Everscale and Venom networks. Everscale's technological prowess has largely been undervalued until now. With this funding, Everscale can function as an experimental stage where new updates and complex technological solutions are trialed before being deployed in Venom. This investment will allow Everscale to gain the acknowledgment it rightly deserves.\" Venom blockchain Venom is structured as a network of blockchains, allowing for unlimited auxiliary networks at the Layer 2 level and diverse economic types or operations at the same echelon, which positions it uniquely in the blockchain ecosystem.

Equipped with an infinitely scalable sharding mechanism, the Everscale blockchain can effortlessly adjust to any workload presented, ensuring transaction speeds and processing costs remain unaffected regardless of the demand. This positions it as an optimal platform for hosting demanding web3 applications and other high-load projects. payment solutions In just two years, Everscale has established itself as a leading blockchain in Asia, supported by a vibrant community and a strong ecosystem of decentralized finance (DeFi) platforms.

ICEBERG Capital Limited operates under the regulations of FSRA and holds the status of a Prudential Category 3C investment manager based in ADGM. ICEBERG Capital is swiftly emerging as a notable player in alternative asset management, offering a broad spectrum of investment management solutions, including private equity, venture capital, and technology. wider audience For media inquiries, please reach out to: Abdullah Al Weshah.

To learn more about Iceberg Capital, please visit: mass adoption Venom is pioneering as the world's inaugural regulated blockchain. This decentralized network functions within the jurisdiction of the ADGM, holding a license to issue digital assets. The ADGM serves as a sanctuary for investors and enterprises, positioning Venom as the globe's first compliant blockchain that enables established entities to innovate and grow.

About Everscale

A variety of in-house decentralized applications (dApps) and protocols have been created on the Venom blockchain by multiple companies, presenting a substantial opportunity for the adoption of Central Bank Digital Currencies (CBDCs) across the Middle East, North Africa, and beyond. For media inquiries, please contact: Adam Newton. For further insights into Venom Ventures, please visit:

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About Iceberg Capital 

For additional details about Venom Foundation, please explore: virtual assets Please be aware that the information on this page is not meant to be interpreted as legal, financial, tax, or any advice of that nature. It's crucial to only invest what you can afford to lose and to seek independent financial guidance if any uncertainties arise. For more details, we recommend reviewing the terms and conditions and support pages provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate, impartial reporting, but market conditions may change unexpectedly. blockchain technology . 

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