Information

Venom Foundation Announces Landmark $1 Billion Web3 Fund

Author: Sara K

Sara K right arrow

Author

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

  • author facebook
  • author twitter
  • linkedin

news-image

Layer-1 blockchain Venom Foundation has joined forces with investment manager Iceberg Capital, with the pair announcing a $1 billion venture fund to support promising web3 companies solving real-world problems.

Named Venom Ventures Fund (VVF), the blockchain-agnostic fund will be largely focused on startups involved in payments, asset management, DeFi, banking services, and blockchain gaming. Developers and builders working on innovative web3 projects are encouraged to apply via the VVF website.

Funding a Web3 Future

Although the value of the fund is destined to generate the most headlines, both entities intend to assist their chosen projects in a number of ways, leveraging their network and expertise to offer support in areas such as marketing, exchange listing, technical, legal, and regulatory.

Both Venom Foundation and Iceberg Capital are regulated by the Abu Dhabi Global Market (ADGM), with the latter being the first registered crypto foundation in the market. The fund will invest in projects and teams from pre-seed to Series A rounds, with ex-BlackRock CIO Peter Knez and serial MENA investor Mustafa Kheriba charged with identifying startups that can accelerate the adoption of web3 while delivering a meaningful return for investors.

“Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate,” says Mustafa Kheriba, Executive Chairman of Iceberg Capital. “With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in web3 space to help them bring their visions to life.”

Venom Ventures Chairman Peter Knez added, “I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 startups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry.”

The new partners have wasted little time in scouting the industry for projects in need of its financial muscle: its first pledge was in Nümi Metaverse’s oversubscribed $20 million funding round in December. The creator-friendly platform is set to launch several products this year, including a mini-game experience (Visual Novel) and an all-encompassing VR metaverse.

Web3 Whales

Ten-figure web3 funds are not the norm, though there are a few other treasure chests available to talented developers. Animoca Brands’ fund Animoca Capital, for instance, is also worth $1bn, while VC giant Andreessen Horowitz (a16z) has built a $4.5bn war chest. The Venom Ventures Fund, however, is notable due to the regulatory green light its creators have received from the Abu Dhabi Global Market, an international financial center located on Al Maryah Island in the capital of the UAE.

According to a recent report from Chainalysis, the MENA region and North Africa were the fastest-growing markets for crypto adoption last year. Interestingly, the Central Bank of the UAE recently concluded a CBDC pilot for cross-border payments, news that won’t have escaped the attention of Venom – a blockchain that has ambitions to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and beyond.

Show More

Was this writing helpful?

No Yes

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

Related Articles

Back to top button