Venance Ventures Fund announces investment in Everscale

The Block reported that the investment will be made in stages and will be based on the progress and cooperation between the two companies.

The investment will be one of the first publicly announced investments made by Venom Ventures Fund, which raised $1 billion for investment in Web 3 applications with the aim of developing the Web 3 market in the United Arab Emirates UAE. According to Peter Knez, the investment firm plans to cover every stage of the investment, from seed to IPO.

If you have the capital, restricting yourself by stage rather than by the quality of opportunity doesn't make sense if you can do the homework, he said.

Everscale is a network users who use an infinite sharding mechanism to divide the network.

This mechanism allows the network to adapt to workloads and has allowed Everscale to expand its reach in Asia over the past two years.

The company stated that the new funds from Venom Ventures Fund will be used to expand Everscale's development team and projects.

Venom Ventures Fund was founded in partnership with the Abu Dhabi-regulated Layer 1Blockchain, the Venom Foundation and Iceberg Capital, an investment firm.

This strategic investment will allow the Everscale and Venom networks to work together towards a common goal.

This is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. Knez said that the Venom project and its ecosystem are planned to be launched soon and that Everscale is a potential Layer 2 solution.