United Arab Emirates venture capital companies Venom Foundation and Iceberg Capital announced the launch of a $1 billion Venom Ventures Fund (VVF) to develop the Web3 industry.
The management of Venom Ventures announced that they have been working with the Web3 sector for more than three years and are interested in its development. Therefore, the VVF will invest in projects that develop decentralized applications and games on the blockchain, as well as decentralized finance (DeFi) projects.
In addition to funding, startups will be offered technical development assistance, marketing support and legal advice. The VVF is also interested in the study of the metaverse.
“We are committed to investing in promising projects to accelerate the evolution of the Web3 ecosystem and achieve widespread adoption,” said VVF CEO Peter Knex.
Note that funds focused on the Web3 industry are not opened as often. Given the large-scale bankruptcies of several cryptocurrency lenders and the FTX exchange last year, many venture capital firms are choosing to wait for more specific regulatory rules for the crypto industry.
This month, the UAE authorities announced that they would step up country-wide oversight of the digital asset market. According to Fortune, due to the protracted market crisis in 2022, investments in the cryptocurrency industry decreased by $5 billion.
Source: Bits
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