Abu Dhabi, United Arab Emirates, Oct. 10, 2022 (GLOBE NEWSWIRE) — Project making impact across MENA region by unlocking better security, transparency and transaction management for government transactions
October 6, 2022. Venom Foundation has been registered as the first crypto foundation in the Abu Dhabi Global Market (ADGM), with a license to operate a blockchain and issue utility tokens.
ADGM is the award-winning international financial center strategically located in the capital of the United Arab Emirates and is globally recognized as a hub for fintech and financial services innovation.
Venom blockchain is an asynchronous blockchain technology with dynamic sharding, using flexible nodes that adapt to traffic changes. This leap in blockchain technology delivers boundless scalability and higher security guarantees with decentralization.
The blockchain falls under the ambit of the Venom Foundation which innovates solutions in three core areas — Essential Infrastructure, Support of Inbound Projects, and Developer-friendly Platforms. In the MENA region, the Foundation is focusing on technology enabling corporations and governments to create easy and secure transitions into Web3, while managing large transaction flows without increasing lag or network fees.
Venom Foundation’s main priority is to develop and support a self-sufficient blockchain ecosystem. The ecosystem will comprise the non-custodial wallet VenomWallet, a transparent transaction querying tool VenomScan, a multi-chain bridging tool VenomBridge, Validator node staking VenomPools, and easy gateway to Venom tokens VenomGet.
Venom Foundation is offering B2B services to government authorities, developers and companies, helping them roll out solutions including NFT marketplaces, derivatives exchanges, fiat-backed stablecoins and much more.
Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a manner compliant with ADGM regulations.
Abu Dhabi Global Market (ADGM), the International Financial Center in Abu Dhabi, has previously innovated a framework to regulate spot crypto asset activities, including those undertaken by exchanges (MTF), custodians, and other intermediaries in ADGM.
The Venom blockchain is being supported by leaders who have been involved in its development. Mustafa Kheriba, Dr. Kai-Uwe Steck, and Osman Sultan are among the Foundation members offering the project team full support and exceptional guidance. Mr. Kheriba is the Executive Chairman of Iceberg Capital and also serves as Executive Chairman of multilateral trading facility and digital asset custodian VENOMEX.
Dr. Steck is an attorney at law who manages Pontinova Circle Investment Group and has extensive expertise in fintech. Mr. Sultan is the CEO of Emirates Integrated Telecommunications Company (du) and a thought leader in the field of connectivity and technological innovation.
The Foundation is also being supported by a panel of technology thought leaders including Peter Knez, PhD, former Global Chief Investment Officer at BlackRock, and founder of Knex Ventures; and Shahal M. Khan, founder of Burkhan World, Trinity Hospitality Holdings and CEO of Burtech.
Venom Foundation’s innovation in blockchain technology will accelerate the uptake of blockchains in real-world use cases while connecting multiple stakeholders in novel ways. This aligns with the Emirates Blockchain Strategy of using blockchain technology for government transactions.
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