Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has announced a strategic partnership with Everscale, a premier blockchain that aims to solve the scalability issues bogging down the Web3 industry.

Venom Ventures Fund has committed a $5 million investment in Everscale to help it further expand its development teams and boost the number of projects. The investment will be in stages, based on the progress and cooperation indicators.

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.

The Venom Ventures Fund was launched by Iceberg Capital Limited in partnership with Venom Foundation, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).