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Abu dhabi-based blockchain platform venom foundation and investment manager iceberg capital announced they will assign $1 trillion of funding to web3 and blockchain companies through a new partnership.
The poisonous fund is intended to invest in decentralized Web3 protocols and applications (dapps) focused on payments, asset management, decentralized finance (challenge) and gamefi products and services.
The fund is a partnership between the layer-1 blockchain solution, poisonous foundation and abu dhabi worldwide market (adgm) investment management company, iceberg capital. It will seek to leverage its existing network to provide incubation programs and industry linkages, as well as commercialization, listing support, and technical, legal, and regulatory support.
Related: UAE regulator adopts blockchain to speed up commercial judgments
Iceberg Capital will manage the fund and invest in projects and enterprises through rounds of Series A financing and seed financing. The partnership aims to accelerate the development of enterprises blockchain, challenge and web3 products and services.
In response to questions from cointelegraph, venon companies president peter knez said that the venomous foundation, its founders and regional institutional and private investors had sown capital for the fund. The fund will support companies and projects with a global footprint and not just companies based in Abu Dhabi.
The investment fund will seek to attract start-ups and technology companies to use the scalable blockchain solution based on the proof of the stakes. Knez highlighted key services that could operate on top of its ADGM-regulated blockchain:
“Payment systems, central bank digital currencies (CBDC), stablecoins and remittance are core services that Venom can provide a solution for due to our unique blend of technology and enterprise.”
Knez also believes that the platform could power a multitude of use cases, highlighting the potential for micropayment solutions driving Web3 business models and financial inclusion:
“Venom has a vision where developing countries can participate in western countries’ labor markets.”
Abu Dhabi is still making progress towards becoming a cryptocurrency and blockchain hub in the Middle East. The capital of the United Arab Emirates published regulatory guidelines for the industry in September 2022 under the purview of the ADGM.
Over 1,500 Web3 businesses and organizations reportedly operate in the UAE, while Abu Dhabi continued to grant licenses to cryptocurrency exchanges throughout 2022, including BINANCE and Kraken.
