"$1 billion, if it doesn't grow, it's a loss."
Blockchain platform Venom Foundation and Abu Dhabi-based investment management Iceberg Capital took a new step by providing $1 billion in funds to invest in blockchain and Web3 companies.
It is reported that the investment will focus on payments, asset management, decentralized finance (DeFi), GameFi products and services.
Not only that, the collaboration between Venom Foundation and Iceberg Capital also aims to offer marketing, technical, legal and regulatory support to companies involved in Web3, blockchain or cryptocurrency.
While Iceberg Capital also plays a role in managing funds and investing in projects and companies so that blockchain, DeFi and Web3 services can be developed as quickly as possible.
According to Peter Knez, the chairman of Venom Foundation said that his company is able to support the project up to the firm outside of Abu Dhabi through its allocated funds.
He added that the Venom Foundation will do its best to encourage technology companies to apply blockchain solutions based on proof-of-stake (PoS) in addition to offering payment systems, central bank digital currency (CBDC) and stablecoins.
Overall, both parties are confident that their new move can develop Web3 business and global financial inclusion in the future.
