Venom Foundation, which operates as a blockchain platform and is based in Abu Dhabi, and Iceberg Capital, which operates as an investment management firm and is based in New York, recently announced that they would work together to provide Web3 with and to blockchain companies $1 billion worth of funding.

The Venom Ventures Fund plans to make investments in protocols and decentralized applications (DApps) for the Web3 platform that focus on payment processing, asset management, decentralized finance (DeFi) and gaming finance (GameFi) products and services.

Iceberg Capital, an investment management firm active in the global Abu Dhabi market, and Venom Foundation, a blockchain technology operating at the Layer 1 level, have worked together to create the fund as a result of their partnership ( ADGM).

In addition to marketing, listing, and assistance in the areas of technical, legal, and regulatory compliance, the latter company will strive to leverage its existing network to offer industry relationship and incubation programs.

Iceberg Capital, which will also be in charge of making investments in firms and projects throughout its pre-seed and Series A fundraising rounds, will be in charge of managing the fund to be created.

The companies that are members of the alliance want to move as quickly as possible to provide products and services that are compatible with blockchain, DeFi and Web3.

The investment fund will endeavor to recruit tech companies and organizations that are interested in making use of Venom’s scalable proof-of-stake blockchain solution.

Knez also believes that the platform can power a wide range of use cases, highlighting the prospect of micropayment solutions powering Web3 business models and helping financial inclusion. He thinks this platform has the capabilities.

Abu Dhabi is steadily making progress towards its goal of becoming a cryptocurrency and blockchain powerhouse in the Middle East, and is taking the necessary steps to achieve this goal.

In the United Arab Emirates (UAE), there are more than 1,500 Web3 companies and organizations in operation, and Abu Dhabi has continued to license cryptocurrency exchanges well into 2022. Binance and Kraken are two examples of these exchanges.