Venom Foundation And Iceberg Capital Will Offer $1B Fund For Web3 Projects

Venom Foundation and Iceberg Capital, two UAE giants, collaborate in the Web3 space

Venom Foundation, a layer-1 blockchain solution, and Iceberg Capital, an Abu Dhabi Global Market (ADGM) investment management company have partnered to launch an amazing fund.

Venom Foundation

Venom is a multi-blockchain network that serves as the basis for Web3 apps that are accessible in the DeFi and Global Payments domains. Venom Foundation is created to satisfy the requirements of the rising economies in the Middle East, North Africa, and other parts of the world. The network offers a firm system for digital currencies issued by Central Bank Digital Currencies (CBDCs).

Iceberg Capital

Iceberg Capital provides various investment management platforms for direct and private equity, venture capital, technology, and virtual assets. Along with standard asset management services, Iceberg Capital provides blockchain technology, specialized platforms for securities, and financial instruments (equities, ETFs, commodities, derivatives, etc.) in domestic and foreign markets.

What will be the impact of the collaboration? 

Venom Ventures Fund (VVF), a much-hyped venture capital fund, aims to invest in early-stage startups with a focus on payments, asset management, banking services, and gaming on Web3. Peter Knez, a former BlackRock executive, and Mustafa Kheriba, a seasoned investor, will join the fund’s leadership team.

Through their partnership, the two firms are creating a “blockchain-agnostic fund” that will be used to invest in Web3 decentralized applications and focusing solely on long-term deals in the sector, such as payments, asset management, decentralized finance, banking services, and GameFi.

Despite the type of blockchain a project is based on, the foundation will support it if it has a clear purpose and vision. The most promising Web3 products will be promoted by this procedure. Lastly, it must be indicated that Venom Ventures Fund aims to establish Abu Dhabi as a leading global fintech hub and a hotspot for splitting ideas in the unpredictable Web3, blockchain, and cryptocurrency fields.

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