Abu Dhabi-Based Venom Foundation Launches $1 Billion Fund for Web3 and Blockchain

Abu Dhabi-based blockchain platform Venom Foundation and investment manager Iceberg Capital have announced they will allocate $1 billion in funding to Web3 and blockchain companies through a new partnership.

Venom Ventures Fund will invest in protocols and Web3 decentralized applications (DApps), focusing 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 Abu Dhabi Global Markets (ADGM) investment manager Iceberg Capital. The latter will seek to leverage its existing network to provide incubation programs and industry contacts as well as marketing, exchange listing and technical, legal and regulatory support.

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Iceberg Capital will manage the fund, investing in projects and companies through pre-seed and Series A rounds. The partnership aims to accelerate enterprise development of blockchain, DeFi and Web3 products and services.

In response to a question from Cointelegraph, Peter Knez, chairman of Venom Ventures, said that the Venom Foundation, its founders, and regional institutional and private investors have provided seed funding for the fund. The fund will support companies and projects with a global footprint, not just those in Abu Dhabi.

The investment fund will seek to attract startups and technology companies to use Venom’s scalable, proof-of-stake-based blockchain solution. Knez highlighted key services that could run on top of his ADGM-regulated blockchain:

“Payment systems, Central Bank Digital Currency (CBDC), stablecoins and remittances are core services where Venom can provide solutions because of our unique blend of technology and enterprise.”

Knez also believes the platform can power multiple use cases, highlighting the potential of micropayment solutions to drive Web3 business models and financial inclusion:

“Venom’s vision is that developing countries can participate in the labor markets of Western countries.”

Abu Dhabi continues to make moves to become the cryptocurrency and blockchain hub of the Middle East.capital of the united arab emirates Publication of Industry Regulatory Guidelines September 2022 under the purview of ADGM.

More than 1,500 Web3 businesses and organizations Reportedly operating in the UAE, while Abu Dhabi continues Granting licenses to cryptocurrency exchanges Throughout 2022, including Binance and Kraken.