Venom Ventures, the innovation fund that provides financing for areas such as payment methods, DeFi, and GameFi, has flown the altcoin project in which it will invest 5 million dollars.
Venom Ventures allocates $5 million to this altcoin project
The Web3 and Blockchain innovation fund has committed a $5 million investment in Everscale (EVER) to support its development teams and help it increase the number of projects. As the first step of the partnership, the Venom Ventures Fund, or VVF, has invested $5 million in Everscale’s development budget, according to the duo’s official statement. The funding will help Everscale grow its team and accelerate its development and research processes.
https://twitter.com/Everscale_net/status/1620455257640951810
Everscale (EVER) up 40%
Ranked 143rd according to CMC data, EVER has been rallying since January 29. After rising over 200% yesterday, it gained an additional 40% today. The weekly high saw some correction at $0.1897.
What awaits the altcoin project?
Everscale has worked diligently over the past two years to expand its reach and integrate technology solutions into Asian countries while building a strong community. Dynamic sharding technology has allowed it to adapt efficiently to changing workloads, making Blockchain an easy and practical option for building large-scale Web3 and other types of applications. Peter Knez, chairman of Venom Ventures Fund and former chief investment officer of BlackRock, has this to say about the strategic investment and roadmap:
For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus and actively develop. In particular, we are talking about the Venom Blockchain project and ecosystem, which is scheduled to be released soon and where Everscale is a potential layer 2 solution.
The Venom and Everscale teams will work together on the further development of the core and ecosystem, bringing blockchain adoption closer to real business use cases. Existing initiatives such as digital asset tokenization platforms, a full framework for central bank digital currencies, stablecoins, and payment solutions with crypto-to-fiat gateways are already making good progress.
About Venom
Venom holds the title of being the world’s first regulated blockchain. The decentralized network operates under the authority of ADGM, with a license to issue service tokens. ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compatible Blockchain, giving authorities and businesses the freedom to build, innovate and scale. As Kriptokoin.com, we have included the company’s recent Web3 move in this article.
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