Venom Ventures Fund invests $5 million in Everscale to handle Web3 scalability points

    Venom Ventures Fund, a Web3 and Cryptocurrency ledger innovation fund managed by Abu Dhabi-based funding fund supervisor Iceberg Capital Restricted, has introduced a collaboration with Everscale, a number one Cryptocurrency ledger that intends to handle the Web3 business’s scalability issues. 

    A $5 million funding from Venom Ventures Fund will enable Everscale to rent extra Cryptocurrency ledger builders and tackle extra initiatives, in accordance with data shared with Brokers on January 31. 

    Within the concluding two years, Everscale has labored tirelessly to develop its presence in Asia by integrating technological options and fostering a vibrant neighborhood there. Its adaptive sharding approach permits it to adapt successfully to shifting workloads, making it a simple and sensible various for creating large-scale Web3 purposes. 

    Venom’s strategic funding 

    Notably, Venom is the primary Layer-1 Cryptocurrency ledger to be formally authorized and controlled by the Abu Dhabi International Market (ADGM). Iceberg Capital Restricted developed the Venom Ventures Fund in collaboration with Venom Basis.

    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.”

    With the mixed efforts of the Venom and Everscale groups, Cryptocurrency ledger know-how can be introduced one step nearer to mainstream business purposes. Fee options that embody crypto-to-fiat gateways, crypto asset tokenization platforms, and a complete framework for central financial institution digital currencies (CBDCs)  and stablecoins are all promising areas of ongoing work. 

    An Everscale Basis board member, Moon Younger Lee, commented on the funding, stating:

    “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.” 

    Venom was designed as a community of blockchains. Due to this fact, there exists not restriction to the variety of extra auxiliary networks on the Layer 2 degree nor to the form of financial system or operation on the Layer 2 degree. Owing to this design, broad adoption of the Venom Cryptocurrency ledger is now doable.

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