- Summary:
- Venom Foundation will use its strength in the MENA region, including licensing by Abu Dhabi Global Market (ADGM) to expand its Web3 presence.
Layer-1 blockchain project, Venom Foundation, has joined forces with Abu Dhabi’s Hub 71 global tech ecosystem to make it easier for enterprises to adopt blockchain technology and supply startups with enterprise-grade solutions. The goal of the partnership is to accelerate the adoption of blockchain technology throughout the Middle East and North African (MENA) region and beyond.
Venom Foundation and its place in the Web3 ecosystem
Venom Foundation is Abu Dhabi Global Market’s (ADGM) first licensed Layer-1 blockchain. The foundation will work closely with Hub71 ‘s specialised Web3 and Digital Assets ecosystem, Hub71+ Digital Assets. It is envisioned that businesses of all sizes will benefit from the partnership in terms of broadening their operations, implementing blockchain technology and regulating digital assets.
The Foundation is primarily concerned with technologies in the MENA region that facilitate smooth transitions to Web3 for businesses and governments. The foundation is also assisting with the creation of systems that can handle high transaction volumes without causing any noticeable increase in network latency or costs.
Venom and Hub71 will collaborate to bring both domestic and foreign startups onto Hub71+ Digital assets as part of the agreement. To accelerate the shift toward game-changing blockchain technology, startups will be able to connect and work with as wide variety of partners and top-tier Web3 companies. Hub71 offers value-added services and incentives to startups as well.
The Venom blockchain is a decentralised, scalable and secure asynchronous chain that employs state-of-the-art dynamic sharding technology. Iceberg Capital, an ADGM-based regulated investment manager, was instrumental in bringing together the Venom Foundation and Hub71. Further, Iceberg will utilise its network and skills to help the two companies in accomplishing their goal.
The ADGM issued the first ever license for a blockchain project to issue utility tokens and Venom is the first licensed firm to operate under that jurisdiction. By establishing Venom as the world’s first compliant ADGM-compliant blockchain, the Abu Dhabi-based authority has established regulatory clarity and operational flexibility for governments and businesses. This puts them in a better position to build, innovate and scale.