• Venom Ventures Fund (VVF) invested $5 million in Everscale to aid its expansion efforts.
• The fund saw the light of day earlier last month after collaborating with the Abu Dhabi-based Iceberg Capital Limited and Venom Foundation.
• VVF’s financing aims to support the Web3 industry by solving its scalability issues.
The Web3-oriented Venom Ventures Fund (VVF) has recently made a strategic investment of $5 million in the blockchain project Everscale. The fund was formed in collaboration with Abu Dhabi-based Iceberg Capital Limited and Venom Foundation.
The investment was made to support Everscale’s expansion efforts, and VVF has stated that this investment is aimed at the technological development of projects. This will enable Everscale to hire more developers and increase the number of projects.
In order to ensure the success of this investment, VVF is focusing on solving the scalability issues of the Web3 industry. This involves tackling the problem of slow transaction times and high transaction fees on blockchain networks that hinder the adoption of Web3 projects.
VVF’s chairman Peter Knez has expressed his excitement at being a part of Everscale’s expansion efforts. He has stated that the investment in Everscale is a big step towards achieving the goal of enabling a more efficient, reliable, and secure Web3 infrastructure.
Furthermore, Knez has also noted that VVF is committed to helping Everscale achieve their mission and will continue to work towards the development of Web3 projects. He also mentioned that VVF is actively working on expanding its portfolio of Web3 investments and will continue to look for ways to support the industry.
Overall, the investment made by VVF in Everscale is a major step towards improving the scalability issues of the Web3 industry. This will help to promote the adoption of Web3 projects and enable the industry to reach its full potential.