• VVF has announced a $5 million investment in the Everscale Blockchain to support its expansion efforts.
• The investment aims to support the Web3 industry by solving scalability issues and increasing the number of projects.
• Peter Knez, VVF’s Chairman, stated that this is a strategic investment aimed at technological development of projects.

Web3-Focused Fund VVF Announces $5 Million Investment in Everscale Blockchain

The Venom Ventures Fund (VVF), a Web3-oriented fund, has announced a $5 million strategic investment in Everscale to aid its expansion efforts. The fund was jointly created by Abu Dhabi-based Iceberg Capital Limited and Venom Foundation. According to documents seen by CryptoPotato, the financing aims to solve scalability issues and increase the number of projects within the Web3 industry.

Investment Sent In Stages

The $5 million investments will be sent in stages according to progress indicators. Additionally, Everscale has already expressed their intention to expand globally and particularly establish a strong presence in Asia through integrating blockchain solutions into their region.

Peter Knez Comments on Investment

Peter Knez, VVF’s Chairman and former CIO of BlackRock commented on the matter: „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.“ He went on to explain how this investment ties into Venom’s upcoming blockchain project and potential Layer 2 solution from Everscale.

Everscale’s Expansion Goals

Everscale has outlined ambitious goals for expansion which include hiring more developers as well as establishing an even larger community within Asia than they currently have. With regards to this latest injection of funds from VVF it should certainly put them one step closer towards achieving these objectives.

Moon Young Lee Speaks Out

Moon Young Lee – Everscale CEO spoke out regarding the recent financial support: „We are excited about our collaboration with Venom Ventures Fund as it supports our vision for global growth,“ he said before adding „This agreement highlights our commitment to build next generation decentralized infrastructure for digital assets.“