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Based in Abu Dhabi Venom Venture Fund Announces $5 million strategic investment in Layer 1 blockchain Wing scale.
The investment will be made in phases and will build on the progress and collaboration between the two companies, The Block Report.
The investment will also be one of the first publicly announced investments by the Venom Ventures Fund, which recently raised $1 billion to invest in Web3 applications, with the aim of boosting the United Arab Emirates (UAE) Web3 market.
According to the Chairman of Venom Ventures Fund Peter Knezthe investment firm plans to cover every investment stage from seed to IPO.
“Limiting yourself by the stage rather than the quality of the opportunity, if you have the capital, there’s no real point — if you do your homework,” he said.
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Everscale is a blockchain that operates using an “infinite sharding mechanism,” which effectively divides the blockchain among network users.
This mechanism allows the blockchain to adapt to workloads and has allowed Everscale to expand its presence in Asia over the past two years.
The new funding from the Venom Ventures Fund will be used to further expand Everscale’s development team and projects, the company said.
The Venom Ventures Fund is a partnership between Abu Dhabi-regulated Layer 1 Blockchain, the Venom Foundation and investment firm Iceberg Capital.
This strategic investment will foster collaboration between the Everscale and Venom networks, allowing them to work together towards a common goal.
“For us, it’s a strategic investment in technology development of projects and teams around technologies that we focus on and are actively developing. In particular, we’re talking about Venom blockchain project and its ecosystem, planned to launch soon, Everscale is a potential layer 2 solution,” Knez said.
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