Abu Dhabi-based Venom Foundation and Iceberg Capital teamed up to set up a $1 billion fund to invest in web3 apps.
According to the statement made by these two investment groups based in the Middle East, Venom Ventures Fund, “to innovative protocols and Web3 dApps, DeFi, banking services and GameFi” plans to invest.
Cryptocurrency prices and mutual funds in the industry have been negatively affected by the recent collapse of FTX. It seems that Middle Eastern investors continue to be optimistic about the future of web3.
Some organizations in Abu Dhabi are also working to make Abu Dhabi a global center in this field.
Peter Knez, one of the former executives of BlackRock, and experienced investor Mustafa Kheriba will undertake the management of the billion-dollar fund to be established. Regarding the fund, Kheriba said:
“In the blockchain industry sharp correction in prices Although it is happening, we believe that developers in this field will continue to bring new things.”