As part of the strategic partnership, Venom and Everscale will work together to implement blockchain adoption uses into real businesses.
Venom Ventures Fund, a Web3 and blockchain innovation fund managed by investment fund manager Iceberg Capital Limited based in Abu Dhabi, has announced a strategic partnership with Everscale, a first-of-its-kind blockchain aimed at solving the scalability issues hindering the Web3 industry.
The Venom Ventures Fund has committed a $5 million investment in Everscale to help the team expand its development and increase the number of projects. Investments will be made in stages, based on progress achieved and cooperation indicators.
Everscale has been working hard to expand its reach and integrate its technology solutions in Asian countries for the past two years, one of which is Indonesia . This investment enables Everscale to enhance its offering in the Indonesian market and continue to develop and launch blockchain-based products centered on CBDC, TradFi and tokenization.
Everscale's progress in Indonesia came to attention last spring with the holding of the EVERPOINT conference in Bali while celebrating its second anniversary. Shortly after the conference, EVER, Everscale's native currency, was listed on Indodax, one of the largest digital asset exchanges in Indonesia.
Everscale's dynamic sharding technology enables the network to adapt efficiently to varying loads, making it an easy and practical choice for building large-scale Web3 and other types of applications. With Indonesia at the forefront of global market developments, this dynamic sharding makes Everscale the ideal network, given the potential for a massive number of users and a platform that will contain a lot of input in the region.
The Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with the Venom Foundation, the first licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Peter Knez, chairman of the Venom Ventures fund and former CIO of BlackRock, said, “For us, this is a strategic investment aimed at developing the technology of projects and teams that we are actively focusing on and developing. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to launch soon and Everscale is a potential Layer 2 solution.”
The Venom team and Everscale will work together on further development of the core and ecosystem that brings blockchain adoption closer to its use in real businesses. Current initiatives such as digital asset tokenization platforms, complete frameworks for CBDCs and stablecoins, and payment solutions with crypto to fiat gateways are already making good progress.
Commenting on this, Moon Young Lee, Board Member of Everscale Foundation said, "This is a milestone for the Everscale and Venom networks. Everscale's technological capabilities are immense but underappreciated by a wider audience. Now, Everscale can operate as an experimental network where updates and complex technical solutions can be introduced before being brought into Venom. This investment will allow Everscale to get the recognition it deserves."
Designed as a blockchain network, Venom has no limit to the number of additional networks at the Layer-2 level and no limit to the type of economy or operation at Layer-2. Mass adoption can now be achieved on the Venom blockchain with this.
