Abu Dhabi-based blockchain platform Venom Foundation and financial investment manager Iceberg Capital announced they will assign $1 billion of moneying to Web3 and blockchain firms through a new partnership.The Venom Ventures Fund is set to purchase procedures and Web3 decentralized applications( DApps )focused on payments, possession management, decentralized financing(DeFi)and GameFi products and services.The fund is a collaboration in between layer-1 blockchain solution, Venom Foundation and Abu Dhabi Global Market(ADGM)investment management firm, Iceberg Capital. The latter will look to take advantage of its existing network to provide incubation programs and industry connections in addition to marketing, exchange listing and technical, legal and regulatory assistance. Related: UAE regulator embraces blockchain to accelerate business

judgments Iceberg Capital will manage the fund, buying tasks and companies

through pre-seed and Series A financing rounds. The collaboration intends to accelerate businesses establishing blockchain, DeFi and Web3 items and services.In response to questions from Pandoraland, Venom Ventures chairman Peter Knez said that the Venom Foundation, its founders and local institutional and personal financiers had seeded capital for the fund. The fund will support business and tasks with an international footprint and is not limited to Abu Dhabi-based companies. Cast your vote now!The investment fund will seek to attract start-ups and technology companies to utilize Venom’s scalable, proof-of-stake-based blockchain service. Knez highlighted key services that could run on top of its ADGM-regulated blockchain:”Payment systems, reserve bank digital currencies(CBDC), stablecoins and remittance are core services that Venom can offer a solution for due to our distinct blend of technology and business. “Knez likewise thinks that the platform could power a multitude of use cases, highlighting the capacity for micropayment services driving Web3 organization designs and monetary addition: “Venom has a vision where developing countries can participate in western countries ‘labor markets.”Abu Dhabi continues to make moves to end up being a cryptocurrency and blockchain hub in the Middle East. The capital of the United Arab Emirates released regulatory standards for the market in September 2022 under the purview of the ADGM.Over 1,500 Web3 companies and organizations reportedly operate in the UAE, while Abu Dhabi continued to give licenses to cryptocurrency exchanges throughout 2022, including Binance and Kraken.