• Abu Dhabi-based Venom Ventures Fund has invested $5 million in Everscale’s blockchain project in Asia.
• The investment will be used to fund the expansion of Everscale’s development team and projects.
• Everscale is a multi-level blockchain powerhouse ideal for hosting high-scale web3 and load-intensive projects.

Abu Dhabi-based venture fund Venom Ventures Fund (VVF) has announced a strategic investment of $5 million in the Everscale blockchain project based in Asia. The investment will be made in stages to fund the expansion of Everscale’s development team and projects.

The Everscale project is a multi-level blockchain powerhouse ideal for hosting high-scale web3 and load-intensive projects. It utilizes an „infinite sharding mechanism“ which allows the Everscale network to adapt to any workload without affecting throughput and processing fees. VVF has expressed interest in this mechanism as it prepares to launch its own Venom blockchain soon.

The investment marks a major milestone for both parties. Peter Knez, the Chairman of Venom Ventures Funds, commented on the investment and expressed that the fund was looking forward to seeing the potential of the Everscale project. He believes that the project has been underappreciated in the market despite its underlying technology.

Moon Young Lee, a Board Member of the Everscale Foundation, expressed his opinion on the strategic partnership. He stated that the move was a major milestone and that the additional funding from VVF will be used to further develop the Everscale blockchain. The Everscale network will also be used as an experimental network to test updates and complex technical solutions before uploading to VVF’s Venom blockchain.

The collaboration between the two projects is expected to bring about significant growth in the blockchain industry. With the $5 million investment, the two organizations are hoping to continue the development of their projects and expand their operations in Asia.