BlockByBlock | More Money, More Problems?
Mo' money, mo' problems, they say. In that case, lots of problems are coming to the UAE with the launch of a new $1 billion web3 fund. Learn all about it below.
In This Week’s Issue
⚡ Abu-Dhabi-based Venom Foundation partners with Iceberg Ventures to launch Venom Ventures, a $1 billion fund focused on Web3 and blockchain projects.
🕴️ Dubai’s Virtual Asset Regulatory Authority (VARA) appoints Henson Orser as the regulatory body’s first-ever CEO.
✔️ VARA introduces a new law that will fine local crypto operators up to $2.7 million for non-compliance and potentially put them in jail.
💥 EXCLUSIVE: Behind Abu-Dhabi’s $1 Billion Web3 Fund: Who Are Venom Foundation & Iceberg Ventures?
Local Developments
Blockchain Movements In The GCC 👇
Abu-Dhabi-based Venom Foundation launches Venom Ventures, a $1 billion fund focused on Web3 and blockchain projects.
Dubai’s Virtual Asset Regulatory Authority (VARA) appoints Henson Orser as the regulatory body’s first-ever CEO.
VARA introduces a new law that will fine local crypto operators up to $2.7 million for non-compliance and potentially put them in jail.
“With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in Web3 space to help them bring their visions to life,” said Mustafa Kheriba, Executive Chairman of Iceberg Capital.
Key Industry Development
Behind Abu-Dhabi’s $1 Billion Web3 Fund: Who Are Venom Foundation & Iceberg Ventures? 🏢
It’s true that 2022’s bear market wreaked havoc on blockchain and its derivatives, but the collapse could be exactly what the industry needs.
Like a tree culling its rotted roots, the blockchain space can rise from the bear market free of its pretenders and packed with the operators that truly feed its growth. Venom Foundation and Iceberg Ventures belong to this latter category of operators. Long before they launched their $1 billion fund, they had bet big on blockchain.
Venom Foundation was the first layer 1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM). Functioning primarily as a foundation for central bank digital currencies, Venom Foundation is a blockchain platform designed to serve the needs of the Middle East, North Africa and other emerging economies around the world. There’s a lot to unpack at Venom Foundation, including a derivatives exchange, metaverse, social messaging platform, NFT marketplace and a launchpad.
Iceberg Ventures keeps things a little cleaner. Operating as a boutique
venture advisory studio, the company’s sole drive is to support early stage tech startups from concept, through launch and to scale. The boutique was founded in 2020 by Adam Amos after a 10-year stint managing and delivering innovation within corporate environments and startups. Iceberg focuses on fintech, blockchain, crypto/web3.0, kidtech, sustainability, and general consumer and retail sectors.
Thanks to their cooperation, Abu Dhabi now boasts one of the world’s largest Web3 and crypto funds. Venom Ventures, the crypto community is rooting for you.
Startup Action
Updates From The Startup Ecosystem 💸
Pravica, a UAE-based blockchain startup providing decentralized private messaging solutions, secures funding from the Adaverse Cardano Ecosystem Accelerator.
Swiss MO:ME:NT, an NFT project encapsulating moments of public interest, receives an investment and partnership from UAE-based Crypto Oasis Ventures.
Canaan Advisors, a Japanese Fintech startup, partners with UAE-based Al Fardan Ventures to launch a blockchain-based real-estate investment platform.
Blockchain Trends
Global Trends 📉
Four crypto billionaires lose their lives in the past month, sparking wild theories about their deaths.
Sam Bankman-Fried launches a paid newsletter subscription while on trial for fraud charges.
The SEC charges Gemini and Genesis with selling unregistered securities, leading to increased tensions.
Local Trends 📈
The Algerian Prime Minister confirms plans to launch a central bank digital currency (CBDC).
A survey by Souq Analyst finds that 62% of Oman crypto owners aim to increase their holdings in 2023.
Upcoming Events
Events By AgoraGroup 🔴
AgoraGroup will host the Global Blockchain Congress (11th Edition) on March 6th and 7th in Dubai, the UAE.
Events Across The UAE 🔵
Crypto Expo Dubai will be hosted on March 8th and 9th in Dubai, the UAE.
The Future Blockchain Summit will be hosted between May 10th and May 12th in Dubai, the UAE.