• Venom Ventures Fund has invested $5 million in Everscale Blockchain, a multi-level blockchain power house ideal for hosting high-scale web3 and load-intensive projects.
• 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, as well as to test updates and complex technical solutions before uploading to Venom’s blockchain.
Everscale Blockchain, a multi-level blockchain power house ideal for hosting high-scale web3 and load-intensive projects, has received a $5 million strategic investment from Venom Ventures Fund, the new Abu Dhabi-based $1 billion venture fund. This investment will be made in stages and will be used to fund the expansion of Everscale’s development team and projects. In addition, the investment will also help Everscale to test updates and complex technical solutions before uploading to Venom’s blockchain.
The Abu Dhabi-based venture fund has entered a strategic partnership with the load-intensive blockchain project to expand its operations within Asia. Venom Venture Fund (VVF), which will receive the $5 million investment fund, made it clear in a statement that this is a strategic investment aimed at the technological development of projects. Peter Knez, Chairman of Venom Ventures Funds, disclosed that VVF would be launching the Venom blockchain soon and Everscale would be a potential scaling solution.
VVF is particularly interested in the „infinite sharding mechanism“ used by Everscale. The mechanism allows the Everscale network to adapt to any workload without affecting throughput and processing fees. Giving his statement on the investment, Everscale Foundation Board Member Moon Young Lee explains that the move was a major milestone for both parties. Lee believes that Everscale has been grossly underappreciated in the market despite its underlying technology. But a partnership like this would enable Everscale to prove itself.
Everscale is an ambitious project that has the potential to become a major player in the blockchain space. With the support of Venom Ventures Fund, the team will be able to scale their operations and prove the viability of their technology. It is a major step forward for both parties and could potentially revolutionize the blockchain industry.