An Iceberg Capital limited managed blockchain and Web3 fund, Venom Ventures Fund, has joined forces with Everscale, a blockchain focused on eliminating scalability issues persisting in Web3 space. Several ecosystems are facing this problem which many times leads a user away from the network.
The company will invest $5 Million in Everscale as a part of their development team’s expansion. This will also aid accelerating their ongoing projects based on how they make their progress over time. Venom Ventures Fund partners are already working on their expansion and blending their tech solutions in Asian nations over the last couple of years while making their community robust.
Their sharding mechanism is capable of conducting tasks efficiently, allowing them to create Web3 apps and scaling solutions. Iceberg Capital Limited launched Venim Ventures Fund in collaboration with Venom Foundation, L-1 blockchain licensed and regulated by Abu Dhabi Global Market (ADGM).
Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, 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.”
More utility associated with blockchain is emerging frequently across the globe. Both the companies will focus on bringing new utility of this technology to businesses. CBDCs, stablecoins, tokenization platforms and more associated projects are already attracting a lot of users in the sector.
Commenting on the investment, Everscale Foundation Board Member Moon Young Lee said, “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.”
Venom has this unlimited fleet of other auxiliary networks and economy types at Layer-2. This kind of infrastructure helps in accelerating the adoption via the Venom blockchain.
People usually think about cryptocurrency after hearing the term ‘blockchain’. This is due to the fact that not many individuals are familiar with the technology. Currently, several mainstream companies including International Business Machine (IBM), Microsoft, Samsung and more are already using the technology.
Moreover, web3 space is growing at a faster rate with numerous companies pouring their money in the market. Data shows that organizations including Goldman Sachs and Morgan Stanley invested over $7 Billion in the market during 2022. Gaming industry, the largest segment in the entertainment market, has started showing interest in this technology.
Some of the popular play-to-earn games like The Sandbox, Decentraland, Axie Infinity and more leverages blockchain technology. Sooner or later, people will know the true potential of this state-of-the-art technology and several companies will explore the sector more than ever.
Powered by an infinite sharding mechanism, the Everscale network adapts to any workload it is tasked with, without the size of the load affecting transaction times or processing fees. This makes it the ideal blockchain for hosting high-scale web3 and other load-intensive projects. Over the past two years, Everscale has emerged as one of the leading blockchains in Asia, with a thriving community and robust ecosystem of DeFi platforms.
More About the Everscale network:
About Iceberg Capital
ICEBERG Capital Limited is regulated by FSRA as a Prudential Category 3C investment manager based in ADGM. ICEBERG capital is a fast-growing alternative asset management company that provides diversified investment management platforms that includes direct and private equity, venture capital, technology, and virtual assets. ICEBERG capital also offers traditional asset management services such as investment portfolios as well as specialized platforms for securities, and blockchain technology.
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About Venom Foundation
Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. It now harbors the potential to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and worldwide.
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