On Wednesday, the blockchain company Venom Foundation and the Abu Dhabi-based investment management Iceberg Capital Ltd. announced the creation of a $1 B crypto startup fund and that they would be heading a $20 M funding round for the virtual world Nümi Metaverse.
Venom Ventures Fund (VVF), the fund’s name, promises to invest in early-stage firms with a focus on payments, asset management, financial services, and gaming on Web3, the hotly anticipated future of the internet based on blockchain.
The launch occurs as investment for cryptocurrency businesses, has slowed due to the general risk-off climate and a string of crypto blowups that culminated in the high-profile demise of FTX and rocked investors sentiment.
With bitcoin holding at $17,421 after falling 64% in 2022, cryptocurrencies have crept into the new year while licking their wounds, according to Reuters News.
Former BlackRock Chief Investment Officer Peter Knez will serve as the fund’s chairman, and Iceberg Capital, an investment company, will run it. Venom Ventures is governed by Abu Dhabi Global Market, the emirate’s international financial center.
