• Venom Ventures Fund has invested $5 million in the Everscale Blockchain project.
• The strategic investment will be used to fund the expansion of Everscale’s development team and projects.
• The partnership between Venom Ventures Fund and Everscale will enable Everscale to prove itself.
The Abu Dhabi-based venture fund Venom Ventures Fund (VVF) has recently invested $5 million in the Everscale Blockchain project. This strategic investment is intended to fund the expansion of Everscale’s development team and projects.
The investment was made in stages and marks a major milestone for both parties. According to VVF, the investment will also allow them to launch the Venom blockchain soon, with Everscale as a potential scaling solution. Peter Knez, Chairman of Venom Ventures Funds, commented on the investment, “We hope that this investment will lead to the successful launch of our Venom blockchain and will help Everscale demonstrate its underlying technology.”
Everscale is a multi-level blockchain power house ideal for hosting high-scale web3 and load-intensive projects. Its “infinite sharding mechanism” allows the Everscale network to adapt to any workload without affecting throughput and processing fees.
Moon Young Lee, a board member of the Everscale Foundation, believes that the partnership will enable Everscale to prove itself as it has been grossly underappreciated in the market despite its underlying technology. Lee further added, “The additional funding from Venom Ventures Fund will be instrumental in furthering the development of the project and our mission to provide a secure, reliable, and cost-effective blockchain solution.”
The investment made by VVF will be used to further the development of the Everscale project and its mission. It will also serve as a means of testing and experimenting with new updates and complex technical solutions before uploading them to VVF’s blockchain.
This strategic investment made by VVF is expected to open up a whole new range of opportunities for both parties. It is a clear indication of the trust and faith VVF has in the Everscale project and its underlying technology.