Abu Dhabi-based blockchain-focused platform Venom Foundation and investment manager Iceberg Capital have announced that they will commit $1 billion in funding to Web3 projects and blockchain companies through a new partnership.
Venom Ventures Fund will invest in protocols and Web3 DApps focused on payments, asset management, decentralized finance (DeFi), and GameFi products and services.
The fund is a partnership between layer 1 blockchain solution Venom Foundation and investment management firm Iceberg Capital, of the Abu Dhabi Global Market (ADGM). The latter will seek to leverage its existing network to offer incubation programs and industry connections, as well as marketing, listing, technical, legal and regulatory support.
Iceberg Capital will manage the fund, investing in projects and companies through pre-seed and Series A funding rounds. The association aims to accelerate companies developing blockchain, DeFi and Web3 products and services.
In response to questions from Cointelegraph, Venom Ventures president Peter Knez said that the Venom Foundation, its founders, and regional institutional and private investors had provided seed capital for the fund. The fund will support companies and projects that are global in scope and will not be limited to companies based in Abu Dhabi.
The investment fund will try to attract startups and technology companies to use Venom’s scalable, proof-of-stake blockchain solution. Knez highlighted the key services that could operate on top of his ADGM-regulated blockchain:
“Payment systems, central bank digital currencies (CBDCs), stablecoins and remittances are core services for which Venom can offer a solution thanks to our unique combination of technology and business.”
Knez also believes the platform could drive a multitude of use cases, highlighting the potential for micropayment solutions driving Web3 business models and financial inclusion:
“Venom has a vision that developing countries can participate in the labor markets of Western countries.”
Abu Dhabi continues to make progress to become a hub for cryptocurrency and Blockchain technology in the Middle East. In September 2022, the capital of the United Arab Emirates published regulatory guidelines for the sector, under the supervision of the ADGM.
According to various news reports, more than 1,500 Web3 companies and organizations are operating in the UAE, while Abu Dhabi continued to license cryptocurrency exchanges throughout 2022, including Binance and Kraken.
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