Recent market volatility has not discouraged venture capitalists from investing in cryptocurrencies, as evidenced by the establishment of a $1 billion fund dedicated to the world of Web3.
The Vast Venom Ventures Fund (VVF), a collaboration between Blockchain marketplace Venom and additional investment company Iceberg Capital, will benefit from the expertise of former BlackRock CIO Peter Knez and impactful shareholder Mustafa Kheriba, including a focus on accelerating the execution of Blockchain, DeFi, and Web3.
It set up the fund on the developer-friendly Venom Blockchain. However, It will distribute it to initiatives based on a variety of other public Blockchains, financing groups, or initiatives through pre-seed and Series A levels. In the Nümi metaverse’s most recent funding phase, VVF made its initial investment in the fund, which in December saw over $20 million raised from about 150 investors.
Venom Ventures Chairman Peter Knez remarked The opening of our brand-new venture capital fund here and in Abu Dhabi has made me excited to be a part of it. We are prepared to invest substantially in the cutting-edge Web3 start-ups positioned for mainstream adoption. Still, I’m thrilled to collaborate with a group of smart individuals from the cryptocurrency business and experienced investment experts. Our goal is to revolutionize digital asset management and have a long-lasting effect on the sector.
The first regulatory emissions trading exchange and clearing house worldwide are situated just at Abu Dhabi Global Market, which oversees the Venom Foundation and Iceberg Capital. ADGM is a major international commercial center. Venom allows businesses to grow, develop, or scale as a complying Blockchain in a completely lawful context, free from the bureaucracy and FUD typical of those other nations.
The Venom Ventures Fund will support grantees in addressing marketing, exchange listing, or regulations difficulties by utilizing Iceberg Capital’s extensive network, sector experience, and bootstrapping creative concepts.
Gaming, metaverse, NFT, and infrastructure initiatives received most of the $7.1 billion financed by entrepreneurs in the industry last year. With a gloomy market, most of the Web3 initiative raised $4.5 billion more than it did the previous year.
The current Blockchain environment of Venom consists of a native DEX, a non-custodial wallet, a cross-chain bridge, and even a network with enough scale for dynamic sharding. With the $1 billion fund, it has already established itself as a significant player in the Web3 sector, concentrating on laying the groundwork for the next wave of technological advancements.