Venom Ventures Fund Taps Everscale Network To Achieve Scalable Web3 Infrastructure
Despite a turbulent 2022 for the crypto markets, investors remain committed to investing in Web3 entities. That sentiment affects established entities like Andreessen Horowitz and newly established initiatives. Sustainable and scalable Web3 infrastructure remains in very high demand.
Establishing The Web3 Future
There is substantial interest in Web3 technology and the benefits it will unlock. Users can expect more control over their data and unlock new monetization avenues. Companies can get more actionable and fresh data by targeting users interested in their products and services. It is a win-win situation for everyone, although the proper infrastructure is still needed.
The allure of Web3 has attracted tremendous interest from VCs and other investors in 2022. Recent data suggests the industry vertical welcomed over $7 billion in investment. Those investments came from established entities like Binance Labs,, Coinbase Ventures, and Andreessen Horowitz. In addition, commercial banks like Morgan Stanley and Goldman Sachs eye the industry with anticipation.
In addition, new VC ventures have been launched in 2022 and early 2023. One of the newer entrants focused on Web3 and blockchain is Venom Ventures Fund, launched by Iceberg Capital Limited and Venom Foundation. It helps promote the regulated and licensed Venom blockchain, which operates within the Abu Dhabi Global Market. Venom is designed to facilitate a network of blockchains, enabling auxiliary networks to join the ecosystem. By investing $5 million into Everscale, the team wants to explore new business use cases for blockchain technology.
Everscale Foundation Board Member Moon Young Lee said:
“This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”
Venom Ventures Fund and Everscale share a vision of bringing blockchain technology to real-world use cases. Several initiatives between both entities are in the works, including digital asset tokenization, CBDC and stablecoin framework, and new payment solutions involving cryptocurrency.
What Makes Everscale Stand Out
Although the promise of Web3 is significant and appealing, scalability remains a pressing issue. Everscale is confident its dynamic sharding technology can help the network adapt to various workloads. As such, it becomes a convenient and affordable solution for any project, regardless of its size. The $5 million in funding by Venom Ventures Fund will let Everscale expand its teams and build new projects.
The focus on Everscale isn’t entirely surprising. Over the past two years, the project has secured significant traction across Asia and has become one of the continent’s leading platforms. In addition, it has a growing community and an expanding ecosystem of decentralized finance platforms and protocols. That aligns the project with the Venom Foundation’s mission to become a bridge for adopting CBDCs across the Middle East, North Africa, and other currencies.