Blockchain project Venom Foundation has launched a $1 billion fund for investments in Web3.
Licensed in Abu Dhabi, the developer of the Venom Foundation blockchain platform, in partnership with Iceberg Capital, has launched a venture fund worth $1 billion. Representatives of the project informed ForkLog about this.
The structure called Venom Ventures Fund (VVF) invests in innovative protocols and Web3 applications for long-term trends such as payments, asset management, DeFi, banking services, and GameFi.
VVF is expected to fund projects and teams from seed rounds to Series A. The fund will provide technical, legal, and marketing support to startups, as well as assistance with regulators and token listings on exchanges.
VVF has already invested $20 million in the Nümi metaverse project.
In October 2022, Venom Foundation received a license from the Abu Dhabi Global Market (ADGM) regulator to manage blockchain and issue utility tokens as a cryptocurrency fund. The project positions its platform as the foundation for CBDC and Web3 applications development.
Iceberg Capital is registered in ADGM as a Prudential Category 3C investment manager. The firm focuses on the MENA region and offers clients both traditional financial services and alternative investment opportunities.
Venom Foundation plans to establish a blockchain hub in Kenya
The Kenyan division of the company intends to focus on developing applications for Web3 solutions and the Venom blockchain for use in key sectors of Kenya’s economy: financial infrastructure, supply chains, agriculture, SMEs, and cross-border trade.
According to Venom Foundation’s plans, the Kenyan blockchain hub should become a central intergovernmental platform where African companies and other stakeholders can establish partnerships and exchange knowledge.
In addition to its educational and communication role, Venom intends to collaborate with government projects in African countries related to digital transformation, voting systems, land registries, and asset tokenization.