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Abu Dhabi-backed $1bn venture to invest in blockchain firms
The free zone will open for applications in Q2 2023

Blockchain firm Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital Ltd have launched a $1 billion crypto venture fund and said it was leading a $20 million funding round in virtual world platform Nümi Metaverse.

The fund, called Venom Ventures Fund (VVF), aims to invest in early-stage startups focused on payments, asset management, banking services and gaming on Web3, a much-hyped vision of a future internet built on blockchain.

The launch comes at a time when funding for crypto startups has slowed following a series of crypto blowups that culminated in the high-profile downfall of FTX which has shaken investor sentiment.

Cryptocurrencies have crept into the new year, licking their wounds with bitcoin steady at $17,421, after tumbling 64 percent in 2022.

Venom Ventures Fund is chaired by former BlackRock chief investment officer Peter Knez, and will be operated by investment firm Iceberg Capital, which is regulated by Abu Dhabi Global Market.