UAE investor groups launch billion-dollar web3 fund

Companies • January 11, 2023, 9:45AM EST
Kirill Neiezhmakov/ shutterstock.com

Quick Take

  • Venom Ventures Fund will invest in several web3 applications including dApps, DeFi and gaming.
  • The announcement of the $1 billion fund comes during a tumultuous era, with the crypto industry riddled with scandal, investor losses and falling prices.

Abu-Dhabi based Venom Foundation and Iceberg Capital are partnering to invest $1 billion in a host of web3 applications.

The “blockchain-agnostic” Venom Ventures Fund aims to invest in “innovative protocols and Web3 dApps … DeFi, banking services, and GameFi,” the two Middle Eastern investment groups said in a statement.

The announcement to invest fresh capital into the crypto space comes at a tumultuous time, with the industry still reeling in the wake of the collapse of the FTX exchange amid a prolonged crypto winter that has seen market values plummet. But it appears many Middle Eastern investors remain confident in the future of web3, with some local leaders trying to position Abu Dhabi as a powerful hub.

Former BlackRock executive Peter Knez and seasoned investor Mustafa Kheriba will join the fund’s leadership team, according to the statement.

“Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate,” Kheriba said in the statement.

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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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