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Venom Ventures Fund: Why we strategically invest in Layer 2 network Everscale?

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Venom and Everscale, as strategic partners, will work together to help blockchain adopt more practical business use cases.

Source: Venom Ventures Fund

Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi investment fund Iceberg Capital, announced a strategic partnership with Layer 2 network Everscale to address the scalability issues plaguing the Web3 industry.

Venom Ventures Fund has committed to investing $5 million in Everscale to help it further expand its development team and increase the number of ecological projects. The investment will be phased based on project progress and collaboration indicators.

In the past two years, Everscale has been working hard to expand its business scope in Asian countries and integrate its technology solutions, while also building a strong community. Its technology, supported by the "infinite sharding mechanism," enables it to efficiently adapt to different workloads, making it an easy and practical choice for creating large-scale Web3 and other types of applications.

Venom Ventures Fund was launched in collaboration between Iceberg Capital and Ventures Foundation. Ventures Foundation is the first Layer1 blockchain company to be officially licensed and regulated within the Abu Dhabi Global Market (ADGM).

Peter Knez, Chairman of Venom Ventures Fund and former Chief Investment Officer of BlackRock, said: "For us, this is a strategic investment aimed at helping project teams develop technology around the technologies we are focusing on and actively developing. In particular, the Venom blockchain project and its ecosystem, the Everscale plan will be launched soon, which is a potential Layer2 solution."

Venom and Everscale teams will work together to further develop the core and ecosystem, helping blockchain to adopt more practical business use cases. They have made good progress in digital asset tokenization platforms, as well as complete frameworks for CBDC, stablecoins, and cryptocurrency payment solutions with legal currency.

Everscale Foundation board member Moon Young Lee commented on the investment, saying: "This is a milestone event for both Everscale and Venom Network. Everscale has tremendous technical capabilities, but it has not received sufficient attention from a wider audience. Now, Everscale will be able to operate as an experimental network and introduce its updated and complex technical solutions to the public before introducing them to Venom. This investment will give Everscale the recognition it deserves."

As a network design for blockchain, Venom has no limit on the number of other auxiliary networks for Layer 2, and no limit on the economic type or operation of Layer 2. This special architecture means that large-scale adoption can now be achieved under the Venom scenario.

About Everscale

The Everscale network adopts an "infinite sharding mechanism" that can adapt to any workload, and the size of the workload will not affect transaction time or processing fees. This makes it an ideal choice for hosting large-scale Web3 and other load-intensive projects. Over the past two years, Everscale has become one of the leading blockchain companies in Asia, with a thriving community and a robust DeFi platform ecosystem. For more information about the Everscale network:

Official Website | Twitter | Whitepaper | GitHub | Discord

About Iceberg Capital

Iceberg Capital is a prudential category 3C investment management company regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi, headquartered in Abu Dhabi Global Market (ADGM). Iceberg Capital is a rapidly growing non-traditional asset management company that provides a diversified investment management platform, including public and private equity investments, venture capital, technology, and virtual assets. Iceberg Capital also provides traditional asset management services such as investment portfolios and specialized securities platforms and blockchain technology.

Media inquiries please contact: Abdullah Al Weshah, abdullah@icebergcapital.ae

For more information about Iceberg Capital, please visit:

官网 | 领英

Translation:

Official website | LinkedIn

About the Venom Foundation

Venom is the world's first regulated blockchain. Its decentralized network operates under the jurisdiction of ADGM and has a license to issue utility tokens. ADGM is an oasis for investors and financial service companies, and positions Venom as the world's first compliant blockchain, providing Abu Dhabi officials and enterprises with the freedom to build, innovate, and scale.

Several companies have developed a range of internal dApps and protocols on the Venom blockchain. Now, it may become a bridge for the adoption of CBDCs in the Middle East, North Africa, and globally.

Media inquiries please contact: Adam Newton, pr@venom.ventures