• Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Iceberg Capital Limited, has announced a strategic partnership with Everscale to commit a $5 million investment.
• The investment will be in stages, based on the progress and cooperation indicators of Everscale.
• The Venom Ventures Fund was launched in partnership with Venom Foundation, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Today, Abu Dhabi-based investment fund manager Iceberg Capital Limited and its Venom Ventures Fund have announced a strategic partnership with Everscale, a premier blockchain that aims to solve the scalability issues bogging down the Web3 industry. Venom Ventures Fund has committed a $5 million investment in Everscale to support the development of its teams and projects.
Everscale has been actively working on expanding its reach and integrating its technology solutions in Asian countries over the past two years, while also building a strong community. Its dynamic sharding technology allows for efficient adaptation to varying workloads, making it an ideal option for creating large-scale Web3 and other types of applications.
The Venom Ventures Fund was established by Iceberg Capital Limited in collaboration with Venom Foundation, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM). Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, expressed his enthusiasm for the new partnership, stating that the investment was a strategic move to bolster the technology industry.
The $5 million investment will be divided into stages, depending on the progress and cooperation indicators of Everscale. The funds will be used to expand the development teams, as well as to increase the number of projects.
The partnership between Venom Ventures Fund and Everscale will help drive the growth of the Web3 industry, as well as promote the development of blockchain technology. It is hoped that the investment will be beneficial to both parties and help them reach their goals.