UAE ADGM ( Abu Dhabi Global Market) announced on LinkedIn that Venom Blockchain has become the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM also stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin”
The statement adds that Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole!
As per the news Venom Foundation perpetually works on providing an abundant bundle of scalable blockchain-powered products and services for the wider financial community. Through robust security measures and a rich database, Venom Foundation has produced an array of self-sufficient tools, including ewallets, decentralised exchanges and more.
The statement then adds, “Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.”
ADGM’s UAE virtual asset regulator in Abu Dhabi, FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) had recently announced enhancements on its capital markets framework, allowing for the trading of NFTs (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities.
It would seem that Venom is the first fruit of this new framework.
Prior to the announcement Venom Foundation released their press release, where they stated that, “Venom Foundation has been registered as the first crypto foundation in the ADGM, with a license to operate a blockchain and issue utility tokens. ADGM is well known as a fintech oasis for investors and financial services firms in the region and from around the globe. The next essential step of Venom Blockchain – its launch – will be announced soon.”
Venom blockchain is an asynchronous blockchain technology of dynamical sharding, that has made a leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralization.
Venom Foundation has three core directions, such as Essential Infrastructure, Support of Inbound Projects, Developer-friendly Platform, each to offer novel solutions for solving earlier existing issues in the crypto market.
As per Venom news, the most valuable feature for the MENA region market is the technology that enables major corporations and companies to conduct an easy and secure transition into Web3 globalization, managing the gross data transaction flows without faltering by increasing fees and transaction times.
Venom Foundation’s main priority is to develop and support a self-sufficient blockchain ecosystem and it has already yielded significant results: non-custodial Wallet (VenomWallet mobile application and Desktop Browser Extension) with a Multisig accounts option and Ledger support, VenomScan (to keep everything transparent with access to transactions history), VenomBridge (allowing the interchain transactions to be made fast, while low price), VenomPools (to stake on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.World (native decentralized exchange) has been built.
Venom also mentioned that individual developers, companies, and government authorities will be able to engage Venom Foundation to establish new products such as NFT marketplace, Derivative Exchange, fiat-backed stablecoin, and many others to come with the potential to become a bridge toward wide adoption of CBDC in the UAE, other MENA countries and globally.
