Blockchain company Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital on Wednesday launched a $1 billion cryptocurrency fund that contributed $20 million to virtual world platform Nümi Metaverse.
The fund, Venom Ventures Fund (VVF), targets investments in early-stage startups focused on payments, asset management, banking and gaming on Web3, a possible future version of the internet based on blockchain technology.
The launch comes amid a severe crisis in the cryptocurrency sector, exacerbated by the collapse of the FTX exchange.
After plummeting 64% in 2022, bitcoin has remained relatively stable this beginning of the year, at around $17,000.
Venom Ventures is chaired by a former BlackRock chief investment officer, Peter Knez, and will be operated by Iceberg Capital, regulated under Abu Dhabi law.
Source: CNN Brasil
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