Skip to content

Abu Dhabi-based Venom Foundation Launches $1 Billion Fund for Web3 and Blockchain

Venom Ventures Fund, a partnership between layer-1 blockchain solution Venom Foundation and Abu Dhabi Global Market (ADGM) investment management firm Iceberg Capital, announced a $1 billion allocation for Web3 and blockchain projects and services.

Abu Dhabi
Abu Dhabi

Investment focus on Payment, Asset Management, DeFi, and GameFi

The Venom Ventures Fund will invest in protocols and Web3 decentralized applications (DApps) focusing on payments, asset management, decentralized finance (DeFi), and GameFi products and services. Iceberg Capital will manage the fund and invest in projects and companies through pre-seed and Series A funding rounds to accelerate the development of blockchain, DeFi, and Web3 products and services.

Fund to Attract Startups, Support Global Footprint

In response to questions from Cointelegraph, Venom Ventures chairman Peter Knez said that the Venom Foundation, its founders, and regional institutional and private investors had seeded capital for the fund. The fund will support companies and projects with a global footprint and is not limited to Abu Dhabi-based firms. The investment fund will also look to attract startups and technology firms to use Venom's scalable, proof-of-stake-based blockchain solution.

Abu Dhabi's Push to Become Crypto and Blockchain Hub

Abu Dhabi is moving to become a cryptocurrency and blockchain hub in the Middle East. In September 2022, the capital of the United Arab Emirates published regulatory guidelines for the industry under the purview of the ADGM. Over 1,500 Web3 businesses and organizations reportedly operate in the UAE, and Abu Dhabi has continued to grant licenses to cryptocurrency exchanges throughout 2022, including Binance and Kraken.