- Everscale blockchain received a $5 million strategic investment from Venom Ventures Fund, the new Abu Dhabi-based $1 billion venture fund.
- The investment will be made in stages and will be used to fund the expansion of Everscale’s development team and projects.
The Abu Dhabi-based venture fund has entered a strategic partnership with the load-intensive blockchain project to expand its operations within Asia. Venom Venture Fund (VVF), Which will receive the $5 million investment fund, made it clear in a statement that this is a strategic investment aimed at the technological development of projects.
Peter Knez, Chairman of Venom Ventures Funds, disclosed that VVF would be launching the Venom blockchain soon and Everscale would be a potential scaling solution.
Everscale is a multi-level blockchain power house ideal for hosting high-scale web3 and load-intensive projects. VVF is particularly interested in the “infinite sharding mechanism” used by Everscale. The mechanism allows the Everscale network to adapt to any workload without affecting throughput and processing fees.
Giving his statement on the investment, Everscale Foundation Board Member Moon Young Lee explains that the move was a major milestone for both parties.
Lee believes that Everscale has been grossly underappreciated in the market despite its underlying technology. But a partnership like this would enable Everscale to prove itself. Everscale will function as an experimental network. Here, updates and complex technical solutions will be tested before uploading to Venom’s blockchain.
According to Everscale, the additional funding from Venom Ventures Fund will be used to grow the development staff and initiatives at Everscale. The investment will also allow both companies to work towards a common goal.
Together, the teams at Venom and Everscale will improve the blockchain’s ecosystem and core development. This is aimed at making the adoption of the technology one step closer to real-world business use cases.
Some projects have successfully kicked off and are on the way. They include platforms for tokenizing digital assets, a thorough framework for CBDCs, and stablecoins. Other payment mechanisms using crypto to fiat gateways are also included.
Investment funds will be released in stages
Per the progress and cooperation of the two companies, the strategic investment will be rolled out in stages. The investment company intends to cover every stage of investing. This includes seed, to a series of A, B, C, D, and the IPO, according to Peter Knez, chairman of Venom Ventures Fund.
Venom Ventures fund recently raised $1 billion for investments in Web3 apps. This was done with the goal of promoting the growth of the Web3 industry in the United Arab Emirates (UAE). Its strategic partnership with Everscale is one of the first steps toward that goal.
Venom Ventures Fund is a product of a partnership between Venom Foundation, a regulated Layer 1 blockchain, and Iceberg Capital, an investment company.
Venom, intended to function as a network of blockchains, has no restrictions on the economy type. The number of additional auxiliary networks that can be added at Layer 2 level is also not restricted. Everscale’s introduction can now achieve mass adoption for the Venom blockchain.
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