• Venom Ventures Fund ventures Asia with $5 Million Strategical Investment in the Everscale Blockchain.
• The Abu Dhabi-based venture fund has entered a strategic partnership with the load-intensive blockchain project to expand its operations within Asia.
• The investment will be used to fund the expansion of Everscale’s development team and projects.
Venom Ventures Fund Invests $5 Million in Everscale Blockchain
Everscale blockchain recently received a strategic investment from Venom Ventures Fund, an Abu Dhabi-based venture fund worth $1 billion. This investment consists of $5 million that will be released in stages, which will be used for expanding Everscale’s development team and projects.
VVF & Everscale: A Strategic Partnership
The strategic alliance between Venom Venture Fund (VVF) and Everscale is aimed at increasing the power house’s involvement in Asian markets. VVF is particularly interested in the “infinite sharding mechanism” utilized by Everscale, which allows it to adjust to any workload without compromising its throughput or processing fees.
A Major Milestone for Both Parties
Moon Young Lee, a board member of the Everscale Foundation, expressed his enthusiasm about this move being a major milestone for both parties. He believes that despite its underlying technology, Everscale has not been given enough credit so far, but this partnership could serve as an opportunity for it to prove its worthiness.
Funding Used For Development Projects
The additional funding from Venom Ventures Fund will help grow the development staff and initiatives at Everscale. It will also support both companies as they work towards common goals like improving blockchain technology and making it easier for businesses to adopt it into their operations through real-world use cases scenarios such as tokenization of digital assets, CBDC frameworks, stablecoins and other crypto-fiat gateways payment solutions.
This investment marks an important moment between two entities working together to bring innovation into their respective industries while providing many opportunities for developers looking to join either company’s initiative or take part in their collaborative efforts.