Abu Dhabi Has A Billion-Dollar Fund For Web3 And Blockchain Development

Key Points:

• Venom Ventures, located in Abu Dhabi, has announced that it has raised $1 billion in capital to invest in web3 and blockchain technologies.
• According to the official website of the venture capital fund Venom, the fund will choose companies with high potential and then grant investment packages ranging from $25,000 to $200,000.

The $1 billion Venom Venture Fund was established with the goal of advancing Abu Dhabi’s blockchain sector.

Venom Ventures, located in Abu Dhabi, has announced that it has raised $1 billion in capital to invest in web3 and blockchain technologies. “This is an excellent opportunity to introduce something like this,” fund spokesman Peter Knez remarked. Many worthwhile projects are having difficulty getting funds. We have the funds and will assist them.”

Knez has worked in the past for both Lincoln Capital Management and Goldman Sachs, where he held positions as co-chief investment officer for the fixed income group at BlackRock. According to the website of the venture capital fund Venom, the fund will choose businesses that have a great deal of promise, and after that, the fund will give investment packages ranging from $25,000 to $200,000.

According to Knez, “Our aim at Venom Ventures is to invest from seed stages all the way up to Series A, B, and C and then an initial public offering. One of the purposes of the fund is to invest abroad, however the fund’s primary focus is on providing assistance to initiatives located in Abu Dhabi.” The Foundation will examine each and every idea, not only the ones that have already been decided to be developed on Venom.

In terms of its intentions, the purpose of the fund is to encourage the expansion of Web3 and blockchain in the United Arab Emirates (UAE). Web3 and blockchain have been the key areas of focus for this Middle Eastern nation throughout the course of the last calendar year.

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