Blockchain platform Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital have formed a partnership to launch a $1bn fund to finance blockchain firms.
The fund, named Venom Ventures Fund (VVF) aims to invest in start-ups focusing on payments, asset management, banking, decentralized finance (DeFi) and gamefi services.
Through the inaugural partnership, the $1bn fund will be used to support web 3.0 gaming and blockchain firms, all the while boosting developing businesses.
The fund is not limited to just Abu-Dhabi firms and will assist companies and projects worldwide.
VVF is chaired by former BlackRock chief investment officer Peter Knez, now chair of the Foundation Council at Venom Foundation.
The launch comes during the ‘crypto winter’, where funding for crypto start-ups decreased steadily in regards to both the market downturn and the collapse of Sam Bankman-Fried’s multi-billion dollar firm FTX.
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