Day by day, the world of decentralization is becoming more of a reality as blockchain initiatives expand. The ability to combine huge transaction volumes with the highest level of security has been leveraged by several ventures to fit into this fast-paced world. With cutting-edge fintech supported by web3, DeFi, and blockchain, we are witnessing the rise of the Venom Blockchain. The Venom foundation is working to support the world’s economies with a strong base for CBDCs and several Web3 initiatives.
In this blog, let’s dissect the Venom Blockchain and its foundational interests and know more about why it is poised to be one of the finest solutions today.
The Venom Foundation is the first crypto foundation officially registered in the Abu Dhabi Global Market (ADGM). With the ability to operate blockchain technology and issue utility tokens, the foundation is poised to bring a fresh wave of innovation to the world-renowned financial hub. Strategically located in the capital of the United Arab Emirates, ADGM has earned its reputation as an award-winning international financial center and a hub for cutting-edge fintech and financial services.
The ADGM, an International Financial Center in Abu Dhabi, has already established a framework to regulate spot crypto asset activities, including those conducted by exchanges, custodians, and intermediaries operating within its jurisdiction. The foundation offers B2B blockchain services to help governments, developers, and companies implement solutions such as NFT marketplaces, derivatives exchanges, and fiat-backed stablecoins. The Foundation will work with stakeholders to ensure compliance with regulations set by the Abu Dhabi Global Market (ADGM) once the necessary regulatory approvals have been obtained.
The Venom blockchain is a state-of-the-art technology that offers limitless scalability and heightened security through its dynamic sharding and adaptive, flexible nodes. This asynchronous blockchain provides decentralized solutions with improved security features.
Venom is managed by the Venom Foundation, which concentrates on three key areas of innovation: Essential Infrastructure, Support for Incoming Projects, and Developer-Friendly Platforms. With a focus on the Middle East and North Africa, the Foundation’s goal is to help corporations and governments seamlessly transition to Web3, enabling them to handle large transaction volumes without sacrificing speed or incurring excessive network fees.
To utilize Venom, an individual must establish a Venom wallet account. The Venom Wallet platform offers various account options, including personal accounts (default) and multi-signature accounts for corporate purposes. Upon creation of a default wallet account, a seed phrase is generated. Users can install the Venom Wallet browser extension or obtain the IOS or Android app to create a new Wallet Account.
Step-by-Step Guide for Setting Up a New Account on Venom Wallet:
To log into your Venom wallet account, the user should use the unique seed phrase as a key. This verification process is deemed safer and more secure to access the account.
Signing in Using an Existing Seed Phrase:
Venom Foundation and Iceberg Capital Ltd, a UAE-based investment firm, unveiled a $1 billion cryptocurrency investment fund and announced they are heading a $20 million investment in Nümi Metaverse, a virtual reality platform.
The launch occurs amidst a downturn in funding for crypto startups, as the global financial climate becomes risk-averse, and several crypto failures, including the high-profile collapse of FTX, have shaken investors’ confidence along with the recession. Cryptocurrency markets are recovering, with bitcoin hovering at $17,421 after experiencing a 64% drop in 2022.
The $1 billion venture fund is a collaboration between Venom Foundation, a layer-1 blockchain solution, and Iceberg Capital, an investment management company based in Abu Dhabi Global Market (ADGM). Iceberg Capital aims to utilize its existing network to provide incubation programs and connections within the industry, marketing support, technical assistance, exchange listing, legal support, and regulatory guidance.
In conclusion, Venom presents a valuable opportunity for businesses to manage their crypto assets securely. Its multi-faceted account options and easy-to-use interface make it a practical solution for companies of all sizes. With the option to sign in using a seed phrase and password, businesses can ensure the protection of their assets at all times. The collaboration with Iceberg Capital and its incubation programs, industry connections, and support for marketing and technical, legal, and regulatory matters make Venom an attractive choice for businesses looking to invest in blockchain, DeFi, and Web3 products and services. Overall, the Venom Blockchain is a promising platform for businesses seeking a secure and efficient way to manage their crypto assets.