• The Venom Foundation is the first blockchain to receive an ADGM license that allows for the issuance of utility tokens.
• Abu Dhabi-based blockchain platform Venom Foundation and investment manager Iceberg Capital announced that they will allocate $1 billion of funding to Web3 and blockchain companies through a new partnership.
• The fund is a partnership between layer 1 blockchain solution Venom Foundation and Abu Dhabi Global Market (ADGM) investment management firm Iceberg Capital.

After obtaining a formal license to issue utility tokens from the Abu Dhabi Global Market (ADGM), Venom became the first blockchain to come under the jurisdiction of a regulatory body. Located at ADGM, Venom will have an edge over the competition in any future ventures it undertakes, as ADGM is a true paradise for investors and financial services organizations.

The Venom Foundation announced the launch of its first venture fund, the Venom Ventures fund, focused on investing in top-tier blockchain projects and Web3 DApps, preparing it to become a leading supporter of next-generation digital technologies.

In fact, the Venom Ventures Fund (VVF) has just been launched. The formation of this fund was a collaborative effort with Iceberg Capital, a fast-growing alternative asset management firm that offers diversified investment management platforms, including private and direct equity, venture capital, technology, and virtual assets.

Built on the Venom blockchain and managed by a group of industry heavyweights and blockchain specialists, the fund invests up to $1 billion in innovative Web3 startups starting with ADGM. The Venture team is made up of seasoned experts from both the traditional and blockchain industries. Both are traders and venture capitalists, coming from prestigious financial institutions such as Blackrock (NYSE:) and Iceberg Capital.

Peter Knez, a former BlackRock chief investment officer, and Mustafa Kheriba, a renowned investment professional with a stellar track record in the region, are two such examples. After learning that the fund would be set up in Abu Dhabi, he was very excited at the prospect of investing in and nurturing the growth of potential blockchain startups. Top executives at Venom and Iceberg agree that investing in the best blockchain startups is a win-win.

dApps and Web3 protocols that cater to long-term trends such as payments, asset management, banking, and GameFi receive the most attention from the venture capital fund. The incubation program offered by the Venom Ventures Fund provides access to valuable assets such as a global network, exchange support, marketing, market making, technology, legal and regulatory assistance.

The initial investment of the fund is Nümi Metaverse.

Nümi, a global metaverse platform for thought leaders, followers and innovators, is one of the company’s early investments. By pitching his idea to the Venom Ventures Fund, they were awarded a $20 million investment. In 2023, the development team hopes to release its “Visual Novel”, a mini-game experience with a variety of special rewards for players.

Nümi will debut in VR headsets later in the year, followed by PC and mobile in 2024. We expect additional investment from Nümi in the coming quarters and encourage new start-ups who are interested in applying to do so via the VVF. website.

Post-$1 Billion Fund to Stake on Global Abu Dhabi Web3 Start-ups Market Appeared First on Coin Edition.

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