• Venom Ventures Fund (VVF) has invested $5 million in Everscale to aid its expansion efforts.
• The fund aims to support the Web3 industry by solving its scalability issues and helping Everscale hire more developers and increase the number of projects.
• VVF’s Chairman Peter Knez described the investment as “strategic, aimed at technological development of projects and teams around technologies”.
Venom Ventures Fund Makes Strategic Investment in Everscale
The Web3-oriented Venom Ventures Fund (VVF) has made a strategic investment of $5 million into blockchain solutions giant Everscale to help them expand their presence globally. The funding, which is expected to be sent in stages depending on progress, will be used to solve scalability issues within the Web3 industry, hire more developers and increase the number of projects.
Background on VVF
The Venom Ventures Fund was founded earlier last month after collaborating with Abu Dhabi-based Iceberg Capital Limited and Venom Foundation. It is dedicated to supporting the Web3 industry by solving its scalability issues.
Statement from Peter Knez
Speaking about this investment, VVF’s Chairman Peter Knez said: “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.“
Everscale Expansion Plans
Everscale already has plans to expand their global presence by integrating their blockchain solutions in Asia and establishing a strong community there. This injection of funds should help them achieve those goals faster.
About Everscale
Everscale was founded with an ambition to build secure infrastructure that supports enterprises across industries while being powered by blockchain technology. They have already established partnerships with several large companies in various sectors looking for innovative solutions that leverage distributed ledger technology (DLT).