Venom Ventures Invest $5m in Load-Intensive Blockchain Project
• Venom Ventures Fund has invested $5 million in the Everscale Blockchain, a load-intensive blockchain project.
• The Abu Dhabi-based venture fund has entered a strategic partnership with the load-intensive blockchain project to expand its operations within Asia.
• Everscale will function as an experimental network for testing updates and complex technical solutions before uploading to Venom’s blockchain.
Venom Ventures Fund (VVF), the Abu Dhabi-based $1 billion venture fund, has recently announced a $5 million strategic investment in the Everscale Blockchain, a load-intensive blockchain project. This investment will be made in stages and will be used to fund the expansion of Everscale’s development team and projects.
VVF 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, revealed that VVF would be launching the Venom blockchain soon and Everscale would be a potential scaling solution. According to Knez, the “infinite sharding mechanism” used by Everscale allows the Everscale network to adapt to any workload without affecting throughput and processing fees.
Everscale Foundation Board Member Moon Young Lee expressed his excitement over the partnership, stating that this 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.
In addition to its current project, Everscale will also act as an experimental network for testing updates and complex technical solutions before uploading to Venom’s blockchain. The additional funding from VVF will be used to expand the development team and also to fund projects within Asia.
It is hoped that the strategic partnership between Everscale and VVF will lead to the development of more advanced and innovative blockchain solutions. This investment could potentially be the first step towards making the dream of a more secure and efficient blockchain a reality.