In compliance with legal regulations, the Venom Foundation, the organisation supporting Layer 1 blockchain Venom, has declared that it would no longer be operating in the Abu Dhabi Global Market (ADGM) and has started the dissolution process. The foundation emphasized that the decision to dissolve is not a reflection on the circumstances in the Abu Dhabi International Financial Centre and said that it is in line with their current strategic objective. The Venom Foundation is still willing to investigate potential expansions within the facility. There haven’t been any Venom token generation events as of yet, and any claims made in the media that the foundation will issue Venom tokens following a token generation event are unfounded and unapproved.
Foresight News first revealed in January 2023 that the Venom Foundation and the investment management company Iceberg Capital were teaming up to create a $1 billion venture fund. With an emphasis on emerging markets including payments, asset management, DeFi, financial services, and GameFi, the fund seeks to engage in Pre-Seed to Series A funding for Web3 protocols and dApps.
