Contributors
Venom Foundation, the first L1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital, an ADGM-regulated investment manager, officially announce that they have partnered to launch a $1 billion venture fund called Venom Ventures Fund (VVF).
The blockchain-agnostic fund will invest in innovative protocols and Web 3.0 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi. It aims to become the leading supporter of next-generation digital technologies and entrepreneurs.
Venom Ventures Fund (VVF) will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Furthermore, it will assist the investee projects with marketing, exchange listing, technical, legal, and regulatory support.
After Venom was granted by ADGM a formal license to issue utility tokens, it was the first blockchain to come under government agency control. This made Venom the first blockchain to be monitored by a regulatory body. Since ADGM is a great place for investors and companies that offer financial services, Venom will have a big advantage over its competitors in any future business it does because it is based in ADGM.
Venom Ventures Fund (VVF) was set up in partnership with Iceberg Capital, an alternative asset management company that is growing quickly and offers a wide range of investment management platforms, such as direct and private equity, venture capital, technology, and virtual assets.
The fund, which is run by a group of industry leaders and blockchain experts, will put up to $1 billion into creative web3 start-ups based in ADGM. In fact, the Venture team is made up of experienced people from both the old business world and the blockchain business world. They came from well-known financial funds like Blackrock and Iceberg Capital, where they worked in trading and venture capital.
Peter Knez, a former chief investment officer at BlackRock, and Mustafa Kheriba, a well-known investment professional with a great track record in the region, are two examples. These top executives at both Venom and Iceberg agree that investing in the most successful blockchain funds is a fine decision.
The venture capital fund pays the most attention to Web3 decentralized applications (dApps) and protocols that serve long-term trends like payments, asset management, banking services, and GameFi. Companies that take part in Venom Ventures Fund’s incubation program get access to important assets like a global network, exchange support, marketing, market making, and help with technology, the law, and regulations.
Nümi Metaverse, Venom Ventures Fund’s first initiative towards pushing UAE startup space
Nümi, a worldwide metaverse platform for thought leaders, followers, and innovators, was the first pick of the Venom Ventures Fund, Abu Dhabi’s new groundbreaking initiative. They received a $20 million investment to develop their future operations.
“We expect Nümi to make more investments in the coming quarters and encourage people who want to start a new business and want to apply to do so through the VVF website. We think that these extra investments will be made in the next few quarters.”
By the end of this year, Nümi will first be available on virtual reality headsets. In 2024, it will be available on desktop computers and mobile devices as well. If everything goes as planned, the development team’s “Visual Novel” mini-game will come out in 2023. Players will be able to win a wide range of unique prizes.
Alexander Belov is a recognized blockchain public speaker, co-Founder of the Coinstelegram fund, and contributor at Entrepreneur.com and Forbes Monaco. He is also a PR director of Beeminer Group, which is building the largest mining farm in the world using a new immersion cooling technology.
Alex is in the Top 10 leading blockchain entrepreneurs in 2020 and the Top 30 influential people in the blockchain industry. Alex is also Encrypted Production Bitcoin documentary film Co-Founder (El Salvador, Dubai episodes). CZ – founder Binance, Nayib Bukele – president of El Salvador, Justin Sun – Tron Founder, Charles Hoskinson- Cardano founder and many others participating in the film.
Forbes Israel Contributors are independent writers that were individually picked by Forbes staff. The writers are experts in their field and they provide professional commentary and analysis of current events. The content is unsponsored.
