Venom Ventures Fund invests $5 million in Everscale to address Web3 scalability issues

Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has announced a collaboration with Everscale, a leading blockchain that intends to address the Web3 industry’s scalability problems. 

A $5 million investment from Venom Ventures Fund will allow Everscale to hire more blockchain developers and take on more projects, according to information shared with Finbold on January 31. 

In the last two years, Everscale has worked tirelessly to grow its presence in Asia by integrating technological solutions and fostering a vibrant community there. Its adaptive sharding technique allows it to adapt effectively to shifting workloads, making it a straightforward and practical alternative for developing large-scale Web3 applications. 

Venom’s strategic investment 

Notably, Venom is the first Layer-1 blockchain to be formally approved and regulated by the Abu Dhabi Global Market (ADGM). Iceberg Capital Limited developed the Venom Ventures Fund in collaboration with Venom Foundation.

Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, stated:

“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 combined efforts of the Venom and Everscale teams, blockchain technology will be brought one step closer to mainstream commercial applications. Payment solutions that include crypto-to-fiat gateways, crypto asset tokenization platforms, and a comprehensive framework for central bank digital currencies (CBDCs)  and stablecoins are all promising areas of ongoing work. 

An Everscale Foundation board member, Moon Young Lee, commented on the investment, 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 network of blockchains. Therefore, there is no restriction to the number of additional auxiliary networks at the Layer 2 level nor to the sort of economy or operation at the Layer 2 level. Because of this design, broad adoption of the Venom blockchain is now possible.