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A $1 Billion Bet on Web3

The Venom Foundation, based in Abu Dhabi, plans to invest roughly $1 billion in various Web3 applications with its newly launched Venom Ventures Fund.

By Finst News
• 2 min read
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A $1 Billion Bet on Web3

The Venom Foundation, based in Abu Dhabi, plans to invest roughly $1 billion in various Web3 applications with its newly launched Venom Ventures Fund. The company announced this via View post on X.

The fund aims to back innovative protocols, Web3, dApps, DeFi, banking services, and GameFi. According to the website, Venom Ventures' management team includes former BlackRock manager Peter Knez and investor Mustafa Kheriba.

Venom plans to provide seed capital to projects that can be scaled up. They want to prioritize sustainable ventures with near-term profitability prospects, the Commission says.

"Venom Ventures will work with projects on token launch strategies, tokenomics, and marketing campaigns, while ensuring projects meet the necessary licensing and regulatory requirements." When and which Web3 companies will benefit from the funding remains to be seen. While Web3 and the blockchain economy are gaining traction in the Middle East, the German Bundestag is debating the rationale for the technology.

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