By George Ward
Venom Foundation, an Abu Dhabi-based layer-1 blockchain firm, has announced a new collaboration with Iceberg Capital, ADGM investment manager. Both entities will pool about $1 billion to fund blockchain and Web3 firms in the region.
Venom And Iceberg Capital To Foster Blockchain Development
Venom Ventures Fund will invest in Web3 protocols, and decentralized apps focused on GameFi and DeFi products and services, asset management, and payments. Per reports, Iceberg will use its present network to provide industry connections, incubation programs, exchange listing, marketing, legal, regulatory, and technical support.
Iceberg Capital will manage the funds and invest in firms and projects using Series A and pre-seed funding rounds. The collaboration aims to help companies develop Web3, blockchain, and DeFi products and services.
Peter Knez, the Chairman of Venom Ventures, said the fund would primarily support projects and firms with an international footprint. He added that it is not only for Abu Dhabi-based firms.
Kenz stated that Venom, its founders, and regional private and institutional investors seeded the capital for the funding. The investment fund would attract technology firms and startups to the Venom blockchain. The Venom blockchain is a layer-1 scalable PoS network.
The Chairman pinpointed some services that would function on the ADGM-regulated blockchain. According to Knez, CBDCs, payment systems, remittance, and stablecoins are major services that the blockchain can power “thanks to our high level of technology.”
Abu Dhabi To Become A Global Crypto Hub
Knez further said that the platform could serve multiple use cases. The Chairman highlighted the opportunity for micropayment initiatives to drive Web3 financial inclusion and business models.
“Venom envisions a future in which individuals from developing nations can do business in the labor markets of western nations,” Knez stated. Meanwhile, Abu Dhabi keeps taking giant strides in blockchain and crypto.
The state plans to be a central hub for crypto and blockchain in the Middle East. Earlier in September 2022, the UAE capital released regulatory guidelines for crypto under the jurisdiction of the ADGM.
About 1,500 Web3-driven firms and businesses currently function in the UAE. On the other hand, Abu Dhabi granted licenses to different crypto firms in 2022, with the top exchanges being Kraken and Binance.
On November 16th, 2022, another agency in Abu Dhabi, ADGM Courts, adopted blockchain technology to save time on judicial matters, especially the evaluation of different financial hazards during commercial judgment.
Digitization of the process using blockchain technology will help parties and courts to make quick commercial judgments. This move will help to ease the judicial procedures for foreign commerce and trade.