• Venom Ventures Fund invested $5 million in the Everscale Blockchain.
• The Abu Dhabi-based venture fund is partnering 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.
The Abu Dhabi-based venture fund, Venom Ventures Fund (VVF), has made a strategic investment of $5 million in the Everscale blockchain. The investment will be made in stages and will be used to fund the expansion of Everscale’s development team and projects. This move marks a major milestone for both parties, as it will enable Everscale to prove itself and expand its operations within Asia.
The investment has been made in light of Everscale’s underlying technology and its “infinite sharding mechanism”, which allows the Everscale network to adapt to any workload without affecting throughput and processing fees. Peter Knez, Chairman of Venom Ventures Funds, made it clear in a statement that this is a strategic investment aimed at the technological development of projects. He also revealed that VVF would be launching the Venom blockchain soon, and Everscale would be a potential scaling solution.
The additional funding from Venom Ventures Fund will be used for the research and development of Everscale’s scaling solutions. This will include the development of complex technical solutions, as well as the testing of updates on the experimental Everscale network before uploading to Venom’s blockchain.
Everscale Foundation Board Member Moon Young Lee stated that the investment was a major milestone for both parties. He believes that Everscale has been grossly underappreciated in the market and this partnership will enable it to prove itself.
The strategic partnership between the Abu Dhabi-based venture fund and the load-intensive blockchain project is expected to greatly benefit both parties. VVF will gain access to Everscale’s scaling solutions, while Everscale will receive much-needed funding to expand its operations within Asia.
Overall, Venom Ventures Fund’s $5 million investment in Everscale is a major boost for the blockchain project. It is expected to bring about immense growth opportunities for both parties in the near future.