The fund VVF based on Web3 announces an investment of $ 5 million in the Everscale-Blockchain

The fund VVF based on Web3 announces an investment of $ 5 million in the Everscale-Blockchain

The Web3-Oriented Venom Ventures Fund (VVF) invested $ 5 million in Everscale to support its expansion efforts.

The fund saw the light of day at the beginning of the last month after working with the Iceberg Capital Limited and Venom Foundation based in Abu Dhabi.

The "strategic investment"

According to a document that was seen by Cryptopotato , the financing of VVF aims to support the web3 industry by solving its scalability problems. Everscale should also help to achieve its goal, set more developers and increase the number of projects. The investments of $ 5 million are sent in stages depending on progress and other indicators.

Everscale has already expressed intentions to expand its global presence. Your special goal is to integrate your blockchain solutions in Asia and build a strong community in the region. Peter Knez-VVF chairman and former Cio from Blackrock:

"For us this is a strategic investment that aims at the technological development of projects and teams around technologies that we focus on and that we actively develop. Layer-2 solution is. “

Moon Young Lee-board member of the Everscale Foundation-described the investment as "milestone" for the two companies.

"The technological skills of Everscale are immense, but they were underestimated by a wider audience.

Now Everscale can act as an experimental network in which updates and complex technical solutions can be introduced before they are brought to Venom. This investment will enable Everscale to obtain recognition that deserves it, ”he added.

The start of the fund

Venom Foundation and Iceberg Capital combined forces in mid-January to to present. His mission is to invest in web3-dapps, blockchain projects, innovative protocols, Decentralized Finance (Defi) and Gemefi.

Venom Ventures Fund relies on the network and the expertise of Iceberg Capital in order to offer access to various incubation programs. It also offers investors marketing, technical, legal and regulatory support.

Mustafa Kheriba-Executive Chairman by Iceberg Capital-said that his organization was "enthusiastic" to work together with the Foundation when the fund was led. He said that crypto participants should not worry about the market decline, but should "build up and be innovative" in the challenging times.

VVF took its first steps in the investment area and led Nümis $ 20 million financing round. The latter is a platform for influencers, creators and developers who combines the gaming industry with the meta verse.

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