Former BlackRock execs join forces to launch $1 billion Web3 fund in UAE

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$1 Billion Crypto Fund in UAE

The Venom Foundation, which helps develop the Venom blockchain regulated in the United Arab Emirates (UAE), and Iceberg Capital, a licensed investment firm in the United Arab Emirates (UAE), today announced the joint launch of Web3 Fund.

We are pleased to announce the launch of the $1 Billion @VenomVentures fund. #Web3 companies solving real-world problems using #blockchain technology.

Learn more https://t.co/XvGtTFeFei pic.twitter.com/cpK0IJgQ2U

—Venom Foundation (@VenomFoundation) January 11, 2023

Venom Ventures Fund (VVF), a fund with a scale of about 130 billion yen ($1 billion), has a wide range of fields such as DeFi (decentralized finance), asset management, payment, GameFi (game + finance), regardless of the specific blockchain. The policy is to invest in Web3 (distributed web) projects.

An incubation program that utilizes the network of the investment company Iceberg Capital, which was established in the Middle East in 2021, will be set up to provide technical and marketing support, as well as advice on listings and regulatory measures.

VVF is led by Peter Knez, former CIO (Chief Investment Officer) of the world’s leading asset management company BlackRock and Chairman of the Venom Foundation. and Mustafa Kheriba, a former director of financial companies in the Middle East and North Africa (MENA) and currently CEO of Iceberg Capital.

Established by two entities (Venom Foundation and Iceberg Capital) licensed in the local financial center Abu Dhabi Global Markets (ADGM), VVF will remain transparent and compliant with regulations.

VVF is currently leading a funding round of approximately 2.6 billion yen ($20 million) for VR metaverse “Nümi Metaverse” as its first investment. Nümi Metaverse plans to launch “Visual Novel” within 2023 and provide a trial version of the game with incentives.

Relation:Total VC investment in cryptocurrency-related companies surpasses 2021

Cryptocurrency investment in the Middle East

As a result of the series of bankruptcies of major virtual currency companies such as Three Arrows Capital (3AC) and FTX in 2022, the scale of investment in the crypto asset (virtual currency) field will shrink toward the latter half of the year. According to cryptocurrency investment firm Galaxy Digital, the fourth quarter saw the lowest number of deals and investments in two years.

In this environment, the Venom Ventures Fund (VVF) said it raised funds primarily from the Venom Foundation and its founders, as well as local institutional and individual investors. Kheriba said:

Although the blockchain industry is undergoing a sharp market correction, we believe that developers will continue to build and innovate.

The Venom blockchain is considered to be the world’s first regulatory compliant blockchain, and the Venom Foundation obtained a utility token issuance license and was registered as the first crypto foundation in the world in the Abu Dhabi Global Market (ADGM) in October 2010. .

ADGM has introduced a comprehensive crypto asset regulatory framework since 2018 and is the largest cryptocurrency regulator in the Middle East and North Africa (MENA) region. We are focusing on building an environment for doing cryptocurrency business, saying that we will make Abu Dhabi a global center for cryptocurrency trading.

ADGM grants Venom the freedom to build, innovate, and scale, and is a decentralized network with all ecosystems such as wallets, DeFi, cross-chain bridges, NFTs (non-fungible tokens), and DEXs (decentralized exchanges). is planned to be built.

About Abu Dhabi Global Markets (ADGM)

An international financial center located in Abu Dhabi, the capital of the United Arab Emirates. Comprised of three authorities: the Financial Services Regulatory Authority, the Registrar, and the ADGM Court, it also has jurisdiction over the regulation of cryptocurrency trading.

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