The advent and rise of Web3 have captivated a global audience of investors and enthusiasts. Investments in the industry soared in 2022, and 2023 is off to a decent start. Venom Futures Fund taps Everscale as a strategic partner to explore future opportunities in this industry vertical.
Web3 Investments In 2022 and Beyond
Although there is no decentralized or Web3 “space” today, that doesn’t mean projects aren’t trying to build it. Hundreds of platforms and services exist within the cryptocurrency and blockchain industry today. More importantly, these projects have attracted over $7.1 billion in investments during 2022. That is a remarkable amount, given the dismal market performance all crypto assets went through last year.
In addition, the investments spanned NFTs, blockchain gaming, metaverse, and infrastructure. However, there’s also a growing focus on artificial intelligence and its potential impact on decentralized technologies. The growth in funding – up by over $4.5bn YoY – is partially thanks to new and existing investors stepping up their game. Paradigm and Andreessen Horowitz have become significant contributors.
In addition, new investment entities have been formed during the 2022 bear market. One such entity is Venom Ventures Fund, which focuses on Web3 and blockchain innovation. The fund is managed by Iceberg Capital Limited, an investment fund manager located in Abu Dhabi. The fund’s recent partnership with Everscale marks another milestone for the team.
Venom Futures Fund Chairman Peter Knez explains:
“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”
A Big Boost To Everscale
The choice to partner with Everscale – and commit $5 million to the project – is logical for Venom Ventures Fund. Both teams aim to ensure mainstream adoption of blockchain technology, primarily through real-world business-oriented use cases. In addition, Venom Ventures Fund has confirmed several projects are in development, including a framework for CBDCs and stablecoins and payment solutions featuring both cryptocurrency and fiat currency.
Moreover, the partnership will grant Everscale access to the Venom blockchain. As the first regulated blockchain, Venom’s decentralized network is licensed to issue utility tokens and houses various decentralized applications and protocols. Those will all prove crucial in making Venom the default bridge for adopting central bank digital currencies in the Middle East, North Africa, and other regions.
Everscale has noted substantial growth across various Asian countries. That makes it a viable partner for the Venom Ventures Fund and its focus on Asia and other regions. Under the hood, Everscale provides dynamic sharding technology to adapt to variable workloads. It aims to become a robust technology stack for developing large-scale Web3 and other applications.
