According to Foresight News, the Venom Foundation, which backs Layer 1 blockchain Venom, has announced that it will no longer operate in the Abu Dhabi Global Market (ADGM) and has initiated the dissolution process in accordance with regulatory requirements. The foundation stated that this decision aligns with their current strategic direction and emphasized that the choice to dissolve is not a reflection of the environment in the Abu Dhabi International Financial Centre. The Venom Foundation remains open to exploring future opportunities within the center. As of today, there have been no token generation events for Venom, and any public statements regarding the issuance of Venom tokens by the foundation after a token generation event are untrue and unauthorized.
In January 2023, Foresight News previously reported that the Venom Foundation had partnered with investment management firm Iceberg Capital to launch a $1 billion venture fund. The fund aims to invest in Pre-Seed to Series A financing for Web3 protocols and dApps, with a focus on trends such as payments, asset management, DeFi, banking services, and GameFi.