UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE based nealthy, a Web3 startup for investing in NFTs and cryptocurrency, has raised $1.3 million in pre-seed funding. Nealthy will use these funds to grow a core team, hire talent, and boost sales & development.

nealthy offers index tokens that enable investors to enter Web3 markets quickly and worry-free. Index tokens replicate the structure of classic exchange-traded funds (ETFs) by storing multiple virtual assets, diversifying the portfolio in case of unexpected market shifts. Moreover, index tokens like nealthy’s $NFTS retain real underlying value, with $NFTS being pegged 1:1 to blue-chip NFTs.

Co-founders Ludwig Schrödl (CEO), Zied Said (CTO), and Tim Pascual (CMO) established nealthy after observing a gap in the market for diversified index tokens. With backgrounds that unite finance, data science, and a deep knowledge of virtual assets, the co-founders’ expertise will keep investors at the forefront of a rapidly expanding market.

Although the founders’ origins lie in Germany and Tunisia, nealthy is incorporated in Dubai so that investors can benefit from a world-leading, tax-friendly regulatory environment. nealthy will also incorporate in the Metaverse Zone of Anguilla to emit the token in a regulated environment.

nealthy handles transactions via blockchain technology, the decentralized Web3 network behind most cryptocurrencies. The Ethereum Net blockchain enables nealthy to openly display proof of reserve, confirming the presence of blue-chip NFTs in nealthy’s digital vault.

“This is a space with enormous potential, and with any potential comes risk,” says Zied Said, CTO of nealthy. “To counteract those risks, we maintain security by storing all assets in cold wallets and smart contracts. Each cold wallet is public and maintains completely transparent holdings.”

As the market’s first dynamic blue-chip NFT token, nealthy’s $NFTS stores the market’s ten most valuable NFT collections. Currently these collections include the likes of CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Azuki, but because $NFTS is allocated by the market, any single NFT collection will be swapped should it drop from the top ten. No single collection will ever comprise over 25% of $NFTS’ value.

“As NFT trading markets evolve, potential investors are showing increased interest in diversification,” says Ludwig Schroedl, CEO of nealthy. “That’s even more true for first-time investors. A blue-chip index token, like $NFTS, provides superior investment opportunities at a reduced level of risk. And if we can do it with NFTs, we can do it with every asset on the blockchain.”

nealthy plans to release the $NFTS token in summer 2023.

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK investment company InfoDriver Capital is launching a $10 million fund for DeFi, GameFi and AI startups targeting UAE, UK, Europe and USA.

The company has expertise in supply chain solutions, automated lending platforms, exchanges, DeFi, and AI applications including digital identity, authentication, content generation, and has already developed successful technology products over seven years.

InfoDriver Capital anticipates a 3-5x return on investment in just 2-4 years and is currently seeking experienced and accredited investors with a minimum investment requirement of $100,000. The investment strategy charges only 5% investments and diversifies the total portfolio of the startups from Seed to A round with a working revenue model and user base.

According to Kirill Mishanin, CEO and Founder of InfoDriver Capital stated, “Investing in startups in the Web3 space is a wise decision, as it is the future of the internet. InfoDriver Capital is committed to shaping that future by supporting innovative startups in this field. We are thrilled to be able to support these innovative startups and help them reach their full potential. We believe that Web3 is the future, and we are committed to helping shape that future by investing in startups that are working on innovative solutions.”

Infodriver Capital has already identified several promising startups, including Certhis wallet with utility collections, Aspis DAO asset management, Banger’s gaming DeFi, Toscale’ super app for liquidity and social trading, Main’ community-building platform, Stage’ only-music-fans for Zen Z, and Babylon Voice for Metaverse as Media Wallet with Digital ID – VoicePrint, that is Face ID did for iPhone.

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

Crypto payment startup FLUUS ( which means money in Arabic) founded by MENA crypto enthusiasts has raised $600,000 ahead of its beta launch. FHS Capital, Base 64 and a number of angel investors participated in the raise.

FLUUS is creating a fiat-crypto on- and off-ramp that will give consumers access to web3 services including token swapping and staking. Its payment solution is designed to eliminate friction and simplify the process of entering and exiting the crypto economy.

Funds raised from the seed round will be used to further develop products and roll out FLUUS’ services, bringing crypto-fiat payments to a global audience.

“We are excited to have the support of FHS Capital and Encryptus.io, two highly reputable investment firms,” said Tey El-Rjula, co-founder and CEO of FLUUS. “Their experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to onboard the next billion into web3.”

Dr. Fady and Mr. Hesham Hannah-Shmouni, Managing Partners at FHS Capital, stated,“Our investment in FLUUS fits perfectly with our vision for empowering exceptional founders and technologies in the web3 space, enabling customers and partners across key industry verticals to benefit from using blockchain technology.”

More than $1 million in cryptocurrency has already been successfully off-ramped in a private trial of FLUUS’ payment gateway. Funds were used to provide aid in Ukraine with the support of an international NGO. The next development phase will see the beta version of FLUUS’ payment solution opened to a broader market segment.

A number of major partnerships are already in place that will see FLUUS’ payment solution rolled out to millions of web users. These include matchmaking platform Dua.com and the GD10 Ventures ecosystem. The FLUUS payment widget can be easily embedded into third party websites and applications, providing crypto-fiat changing on demand.

FLUUS at present features two flagship products, FLUUS Pay: A regulated and compliant crypto ramping service delivered in collaboration with fintech operators and money transfer networks, and FLUUS Auth: An SDK that allows developers to easily integrate secure and user-friendly sign-up and web3 onboarding into their own applications.

FLUUS was founded in March 2022 with the goal of building solutions that will enhance global access to web3, particularly in emerging markets.  To the FLUUS founders, interoperability between financial systems is vital. This is especially important in emerging markets. With FLUUS, users can seamlessly on and off ramp digital currencies using their most convenient payment methods including cash and mobile money. 

As a pioneer in digital payment solutions, FLUUS Pay with its public beta launch expected to handle 62.82% of all crypto ramping in Lebanon by Q4 2023. In January 2023, 30% of all ramping in Lebanon was already done through FLUUS Pay, highlighting the platform’s success in providing a user-friendly, secure, and efficient way to buy and sell cryptocurrencies.

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Once again UAE’s DMCC, the free zone for commodities trading has partnered to offer Web3, Blockchain businesses with a $5 million growth platform. This is not the first partnership in this regards and it seems it won’t be the last. Millions of dollars are being poured in for crypto, blockchain and Web entities in DMCC. 

Digital Wave Finance Labs, a multi stage web3 investment firm will work with DMCC will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally.

The partnership was announced during the “Sunset Meet and Greet” event organized by DWF Labs on 24 February 2023 in Dubai.

The DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments and aim to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a USD 500,000 investment for the cohort’s most prominent business.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated “Dubai’s leading position as a hub for web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”

DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of the digital asset.

Andrei Grachev, Managing Partner, and DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”

Previously DMCC announced the launch of the DMCC gaming Center to support the gaming industry through a partnership with YaLLa Esports a leading esports organization in the UAE. Furthermore, members were offered the opportunity to join gaming specific acceleration and market entry programs through DMCC’s ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region.

DMCC also partnered the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies. 

DMCC, also announced its partnership with global Web3 incubator TDEFi to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center. The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months.

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

The investment in Blockchain, Web3 and crypto is growing in the MENA region. According to LaraontheBlock MENA 2023 investor survey revealed that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

As it looks now DMCC which already houses 36% of UAE’s blockchain and crypto entities might one day house blockchain and crypto unicorns!

Web3 Blockchain messaging platform Pravica is only MENA startup chosen by Deutsche Telecom’s and T-Mobile for T-Challenge 2023

Web3 Blockchain messaging platform Pravica is only MENA startup chosen by Deutsche Telecom’s and T-Mobile for T-Challenge 2023

Egypt founded, WEB3.0 messaging and Blockchain communications platform, Pravica, with offices in Egypt and the UAE is the only MENA-based startup chosen among the top 20 finalists for Deutsche Telecom’s T-Labs and T-Mobile’s T-Challenge 2023.

T-Labs is the R&D department of Deutsche Telekom which focuses on translating new technology trends and delivering tangible results into Deutsche Telekom’s innovation portfolio. Their current research areas are: Future Networks, Spatial Computing, Network Security and Digital Twin and Decentralized Systems

Pravica, an Egyptian WEB 3.0 Messaging and Blockchain communications platform with offices in UAE was one of the 20 projects selected for T-Labs and T-Mobile’s Challenge in 2023.

The focus of T Challenge in 2023 is utilizing decentralized technologies for telecommunication in other words Web3 in telecommunications. As per the T-Challenge announcement, the start-ups were chosen because they stood out for their innovative Web3 solutions powered by 5G.

T-Mobile USA, and T-Labs were looking for innovative and creative approaches for the segments customer engagement and loyalty, wallet and ID management, network and security, media, entertainment, and experiential as well as sustainability.

The 20 finalists, including startups from the USA, Europe and Asia, will prepare and present their solutions to Deutsche Telekom and T-Mobile US leaders.

Six winners of this group will be selected and split €600,000 euros, or roughly the same in U.S. dollars, in prize money. Winners will also have the opportunity for their solutions to be featured by T-Mobile US and Deutsche Telekom in other projects across Europe and the U.S.

Founder and CEO of Pravica, Mohamed Abdou said, “We are very proud to have been the only Web3 startup from the MENA region to have been chosen among the top 20 global decentralized players. We were selected because we are offering the future of communications utilizing Web3 technology, blockchain, and secured encryption ushering in a new era of messaging. We have built an infrastructure that aims to bring wallet-to-wallet messaging functionality to Web 3.0 communities. Our main mission is to empower the user-owned Internet by allowing our users to own and control their data and encryption keys linked to their owned DIDs. Being selected is a testament that Web3 startups from the MENA region can compete globally with their world-class solutions.”

Deutsche Telecom in their press release stated, “We are very happy to announce the final nominees of our T Challenge on Web3 in telecommunication. The nominees focus on innovative ideas to change the way the world uses the internet. We cannot wait for the demo day and award ceremony on May 23, 2023, to come and experiences the solutions live here in Bonn at Deutsche Telekom headquarter.”

John Saw, Executive Vice President, Advanced & Emerging Technologies at T-Mobile, added, “Each and every one of the names on this list stood out for their innovative Web3 solutions powered by 5G. They’ll spend the next few months evolving and refining their concepts that will help shape how we use the next generation of the internet.”

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

UAE DMCC, currently home to 550 Blockchain and crypto entities, and global Web3 incubator TDEFi have partnered to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center.

The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months. 

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Supporting Web3 and blockchain businesses is a key priority for DMCC as we build on the success that the Crypto Centre has seen since its launch. By providing everything crypto businesses and entrepreneurs need to thrive, we have emphatically positioned Dubai as a leading hub for crypto. This latest partnership with TDeFi adds yet another string to our bow and will help emerging crypto businesses bring their ideas to light in Dubai.”

Gaurav Dubey, CEO, TDeFi, added: “Our extensive program comprises various modules that will support entrepreneurs and businesses operating within the crypto space, from ideation to scaling their start-ups. Through its Crypto Centre, DMCC has established a leading ecosystem of Web3 and blockchain businesses, and so there is no better place for us to operate our latest accelerator program. Through this new partnership, we are looking forward to unlocking some truly game-changing projects in the Web3 space.”

UAE Cypher Capital seeking $100 million for crypto venture fund

UAE Cypher Capital seeking $100 million for crypto venture fund

As per a recent article in Bloomberg, UAE Cypher Capital an early-strategy venture firm focused on investing in Web3 infrastructure, is seeking to raise $100 million for a crypto venture fund. Cypher Capital’s Chairman Bill Qian, the former head of Binance Labs, stated that he is seeking over $100 million in funding for a crypto venture fund. 

Bill Qian joined Cypher Capital in September 2022 as the new Chairman of its Board of Directors. Bill brings to Cypher Capital more than 15 years of invaluable industry expertise in managing and investing over $20 billion.

As per the article Cypher Capital is prioritizing projects that will bring about 5 billion more internet and social users to the web3. Bill Qian planned to approach Asian tech moguls for funding but did not name them.

Qian, plans to invest in web3-focused start-ups. The next edition is determined by the laxity of the internet that advocates say will be more decentralized and dependent on blockchain technology.

Cypher Capital has ten employees and recently invited Elaine Liu, a veteran of Tencent, to support its expansion in the UAE. In November, the company set up an office space for crypto and blockchain startups at Dubai Marina as part of an effort to find future deals.

He also declined to disclose whether the fund received any commitments but said the digital asset’s recovery this year, which has seen Bitcoin rise around 50%, has helped raise capital just got easier.

In June 2022, Cypher Capital  invested in Blockchain gaming platform, MetaOne. UAE Cypher Capital, Huobi Ventures, LD Capital and GSR Capital have invested 2 million USD in MetaOne, a SAAS ( Software as a Service) platform that is working to onboard games and guilds onto blockchain gaming.

In November 2022, Rekt Studios, a Dubai-based startup  secured $1.5 million in funding from Cypher Capital, to bolster the development of the ‘Unseen’ ecosystem. 

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

Abu Dhabi’ Hub71, the technology ecosystem in UAE has launched the Hub71+ Digital Assets. This ecosystem is dedicated to advancing Web3, a decentralized online space built on innovations like blockchain technology and metaverse applications. 

The ecosystem has over US$2 billion of capital committed to fund Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets will offer Web3 startups access to an extensive range of programs, initiatives, and corporate, government, and investment partners in the UAE and global markets.

The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure. 

FABRIC, is the the research and innovation center of First Abu Dhabi Bank (FAB), will be the anchor partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading and custody of digital assets.

Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including Binance and MidChains, Amazon Web Services (AWS) and Mastercard as well as Venture studio Founders DAO.

It has also onboarded Venture capital funds who will provide access to capital and investment opportunities including names such as Binance Labs’ $500 million Investment Fund to invest in ‘Web3’, Venom Foundation through its $1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital and Ton Foundations’ $250 million TONcoin.Fund. 

Additionally, existing venture capital partners from Hub71 are set to invest in Web3 companies

The combination of these elements aims to support participating startups to launch tokens and promote tokenization, as part of the fundraising journey.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the Mena region.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are pleased to strengthen our association with Hub71 on the launch of Hub71+ Digital Assets. In today’s rapidly evolving digital landscape, we have seen the rise of new technologies, and ecosystems such as Web3 that have the potential to transform the world. At ADGM, we are dedicated to providing a holistic environment that facilitates a seamless and secure adoption of digital assets to foster the growth of this new digital landscape. This alliance will help start-ups and digital assets to benefit from ADGM’s diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure.

Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), commented: “FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfil our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs.”

A Blockchain enabled Food Metaverse launches in UAE with OneRare

A Blockchain enabled Food Metaverse launches in UAE with OneRare

Food Metaverse, OneRare, the world’s first food metaverse, known as Foodverse has launched in the UAE. The Foodverse is bringing the Global F&B Industry to Web3 for the first time ever – allowing them to create virtual experiences, food NFTs and games, & interact with foodies from across the world built using the blockchain.

In UAE, partnerships with food brands such as Foodlink UAE, The Bhukkad Cafe, Cali Poke, Farzi Cafe, Papa John’s and more have been signed in only a few months.

Created while in lockdown, Supreet Raju, co-founder and CEO of OneRare states, “I have long said that food has a language of its own and makes the world a happier place. It is what connects us and the metaverse only brings us closer together in a unique way in which we can share our culture and our food. Now with the launch of the foodverse, there is no reason why brands and consumers can’t come together in this safe, virtual setting.” 

The Foodverse developed by OneRare will feature various zones where users can discover Celebrity Chefs, Food Brands and Virtual Restaurants. Designed like the real world, the foodverse features various geographical areas like the beach, forest and lakeside, and you can explore the open world at your will. There is also an exclusive Gaming zone, with activity areas for players to explore, earn, collect and battle. “The platform is incredibly unique and offers the end-user with so many opportunities to explore food,” adds Gaurav Gupta, co-founder of OneRare. 

OneRare will also allow users to claim Dish NFTs from across the world, by collecting Ingredients and following Recipes to mint exclusive NFT artworks. Dishes include global cuisines, festive specials, keto and vegan-friendly recipes, as well as signature recipes from celebrity chefs and restaurants. Raju explained, “As we grow, users will also be able to swap these NFTs for real meals & deals – amalgamating our real & virtual lives.”

UAE-based F&B group Foodlink released NFTs for its award winning sustainable cloud kitchen brand, Art of Dum’s signature Dish’s Dum Handi ka Gosht’ & China Bistro’s Vegetable Crystal Dumplings in food verse,  and  the street food inspired cafe The Bhukkad Cafe in collaboration with OneRare is all pumped up to release three unique Vada Pav NFTs — Cheeseburst, Schezwan, and Classic on 19th February . The Vada Pav NFTs  will be available to mint in the OneRare Kitchen.

Sanjay Vazirani, Founder and CEO of Foodlink Global restaurants & catering services, “My endeavor – Foodlink, operates a variety of verticals in the F&B industry. I’m thrilled to be a part of Web3’s transformational journey and am looking forward to seeing it in its full potential soon, complete with innovative functionalities, cutting-edge user experience, and ease of use that will make it easy for our expanding customer base to adopt. I wish OneRare the best as they work to revolutionize Web3 and raise awareness of and interest in what the future may hold for all of us.”

“We’re extremely excited to announce our collaboration with OneRare on developing the world’s FIRST EVER VADA PAV NFT! When OneRare reached out to us with the idea of developing our own series of NFTs, we were excited because we’re a very crypto friendly brand & have always supported our growing Bhukkad community with all things crypto, from hosting free crypto workshops to accepting payments in crypto. Our vision with this collaboration is to educate our followers & customers on use cases of crypto & ease them into adoption with fun, unique solutions & features. We look forward to engaging with our food community to create even more fun experiences in the Metaverse with the expert help of OneRare.”  — Reshmi Mukherjee, co-founder, The Bhukkad Cafe

UAE Venom invests $5 million in Everscale to scale the blockchain

UAE Venom invests $5 million in Everscale to scale the blockchain

UAE based Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has invested $5 million in Everscale, a premier blockchain platform that aims to solve the scalability issues bogging down the Web3 industry.

The $5 million will be used by Everscale to expand its development teams and boost the number of projects.

Everscale has been diligently working on expanding its reach and integrating its technology solutions in Asian countries over the past two years, while also building a strong community. Its dynamic sharding technology enables it to efficiently adapt to varying workloads, thus making it an easy and practical option for creating large-scale Web3 and other types of applications.

Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, said, “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Venom and Everscale teams will be working together on the further development of the core and the ecosystem bringing the adoption of blockchain closer to real business use cases. Current initiatives such as digital asset tokenization platforms, a full framework for CBDCs and stablecoins and payment solutions with crypto to fiat gateways are already making good headway.

Commenting on the investment, Everscale Foundation Board Member Moon Young Lee said, “This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”

Designed as a network of blockchains, Venom has no limit to the number of other auxiliary networks at the Layer 2 level and no limit to the economy type or operation at the Layer 2. This particular architecture means that mass adoption is now achievable on the Venom blockchain.

Everscale is ideal for hosting high-scale web3 and other load-intensive projects. Over the past two years, Everscale has emerged as one of the leading blockchains in Asia, with a thriving community and robust ecosystem of DeFi platforms.