- Venom Ventures Fund has invested $5 million in Everscale.
- The Abu Dhabi-based blockchain innovation fund recently announced a $1 billion web3 fund.
- Everscale will use the fresh capital to hire more blockchain engineers and launch more projects.
Venom Ventures has announced a $5 million investment in Everscale. The blockchain and web3 innovation fund’s parent organisation Venom Foundation recently teamed up with Iceberg Capital to launch a $1 billion fund focused on web3 projects. Everscale said it will use the fresh capital to hire more blockchain developers and launch new projects.
Everscale is a new unique blockchain on a mission to address the problem of scalability on web3. The platform’s low-cost, fast, and easily accessible suite of solutions allows developers to build a variety of web3 apps, including decentralised finance protocols, centralised exchanges, NFT platforms, GameFi and crypto wallets.
On the other hand, Venom is the first layer 1 blockchain to gain formal approval and regulation from the Abu Dhabi Global Market (ADGM). Its strategic investment in Everscale aligns well with its mission of backing web3 developer apps that solve real-world problems.
Commenting on the investment, Venom Ventures Fund chairman and ex-chief investment officer of BlackRock, Peter Knez, said: “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential layer 2 solution.”
The two teams will collaborate to accelerate the development of the Everscale ecosystem in a bid to bring web3 apps to real business use cases. The company has already witnessed significant progress in its current projects, which include “digital asset tokenization platforms, a full framework for central bank digital currencies, stablecoins and payment solutions with crypto to fiat gateways.”
Everscale Foundation board member, Moon Young Lee commented: “This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense, but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”
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