Venom Foundation, Iceberg launch $1B crypto venture fund
The fund aims to invest in early-stage startups that are centred around payments, asset management, banking services, and gaming on Web3.
Blockchain firm Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital Ltd have launched a $1 billion crypto venture fund called Venom Ventures Fund (VVF).
The fund will lead a $20 million funding round in Nümi Metaverse, a virtual world platform. It aims to invest in early-stage startups that are centred around payments, asset management, banking services, and gaming on Web3.
MENA users transacted $566 billion in cryptocurrency between July 2021 and July 2022, according to the 2022 Global Crypto Adoption Index report by Chainalysis. This indicates an annual increase worth 48%.
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The launch comes at a time when the collapse of FTX and the current landscape in the crypto world has led to a global slowdown in terms of funding for crypto startups. Amid this, the MENA region is making continued efforts toward cryptocurrency adoption.
Peter Knez, former BlackRock chief investment officer, chairs Venom Ventures. It is a layer-1 blockchain-licensed firm regulated by the Abu Dhabi Global Market (ADGM).
The firm supports early-stage Web3 decentralised applications (dApps) and protocols. Its special focus is on the ones that look at long-term trends such as payments, asset management, banking services, and GameFi, as mentioned on its official website.
Iceberg Capital is an alternative asset management company. It allows access to varied investment management platforms, which comprise direct and private equity, venture capital, technology, and virtual assets.
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Edited by Affirunisa Kankudti