Web3 and blockchain innovation fund Venom Ventures Fund, run by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has established a strategic agreement with Everscale, a leading blockchain that seeks to address the Web3 industry’s scalability problems.
Everscale will get a $5 million investment from Venom Ventures Fund to assist it to grow its development teams and project portfolio. Based on the measures of development and collaboration, the investment will be made in phases.
Over the last two years, Everscale has carefully worked to strengthen its community while also extending its reach and integrating its technological solutions in Asian nations. Because of its dynamic sharding technology, it can effectively adjust to changing workloads, making it a simple and useful choice for building massive Web3 and other sorts of applications.
Iceberg Capital Limited and Venom Foundation, the first officially recognized and regulated Layer-1 blockchain operating in the Abu Dhabi Global Market (ADGM), partnered to develop the Venom Ventures Fund.
Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, said, “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”
The teams at Venom and Everscale will collaborate to advance the blockchain’s ecosystem and development of core, pushing the adoption of the technology closer to practical commercial use cases. Current projects like platforms for tokenizing digital assets, a comprehensive framework for CBDCs and stablecoins, along with payment methods with crypto to fiat gateways are already moving forward successfully.
Commenting on the investment, 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, which was created as a network of blockchains, has no restrictions on the kind of economy or operation at Layer 2 or on the quantity of other auxiliary networks that may exist there. Because of its unique architecture, the Venom blockchain may now see widespread adoption.
