On Wednesday the 11th of January 2023, Venom Ventures announced an investment of $1 billion in Web3, blockchain, and cryptocurrency projects.
The Venom Foundation is a licensed and regulated Layer 1 blockchain that provides a strong foundation for central bank digital currencies and Web3 applications. It focuses primarily on the needs of the Middle East, North Africa, and other emerging economies around the world.
The network is based in Abu Dhabi and is working with investment management firm Iceberg Capital on this project. Together, they aim to raise and provide funding for Web3 and blockchain companies via pre-seed and Series A funding rounds. The money will support payments, asset management, decentralised finance, and GameFi products and services. Iceberg Capital will use its existing network to provide incubation programs and industry connections, as well as marketing, listing, and technical, legal, and regulatory support.
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The leaders of this new project are Peter Knez, former CIO of BlackRock, and Mustafa Kheriba, a board member of numerous family offices and investors in the Middle East and North Africa.
The investment aims to accelerate the development of blockchain, DeFi, and Web3 services and products. They plan to identify scalable and consumer-focused companies from web3 and improve them. The intention is to create a portfolio of leading web3 companies capable of achieving widespread adoption and significant growth.
During the current down market, this fund is one of the few and therefore very significant.
Abu Dhabi, the capital of the United Arab Emirates, has been pushing regulatory guidelines for the blockchain and crypto industry in recent months. In September 2022, the country’s financial regulator published its market-friendly approach to digital assets. With more than 1,500 web3 companies in the UAE, Abu Dhabi is fast becoming a hub for the industry in the Middle East.
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