Venom Foundation, which is a blockchain platform and is located in Abu Dhabi, and Iceberg Capital which is an investment management firm, is based out of New York, made recent announcements that they would collaborate to fund Web3 and other blockchain companies in the amount $1 billion.
Venom Ventures Fund will invest in protocols and decentralized apps (DApps), for the Web3 platform. These DApps focus on payment processing, asset administration, and gaming finance (GameFi).
Iceberg Capital is an investment management firm that is active on Abu Dhabi Global Market. Venom Foundation, a Blockchain technology company operating at the layer-1 level has collaborated to create this fund as a result of their partnership.
The business will market, list on the exchange, and provide assistance in the areas technical, legal and regulatory compliance. This company will also leverage its existing network to offer industry connections and incubation programs.
Iceberg Capital will manage the fund. They will also make investments in projects and firms during their Series A and pre-seed rounds.
All members want to be able to offer products and services compatible with Web3, DeFi and blockchain as soon as possible.
The Venom proof-of-stake scalable Blockchain solution will be promoted by the investment fund to companies and other technological organizations.
Knez believes that the platform can be used to power many use cases. He also sees the potential for micropayment solutions to drive Web3 business models, and help to financial inclusion. He believes this platform has the capability.
Abu Dhabi is steadily moving towards its goal to become a blockchain and cryptocurrency powerhouse in the Middle East. It is also taking the necessary measures to reach this goal.
Over 1,500 businesses and organizations are registered in the United Arab Emirates (UAE). Abu Dhabi continues to grant licenses for cryptocurrency exchanges well into 2022. Two examples of such exchanges are Binance and Kraken.