The allure of Web3 has attracted tremendous interest from VCs and other investors in 2022. Recent data suggests the industry vertical welcomed over $7 billion in investment. Those investments came from established entities like Binance Labs,, Coinbase Ventures, and Andreessen Horowitz. In addition, commercial banks like Morgan Stanley and Goldman Sachs eye the industry with anticipation.

In addition, new VC ventures have been launched in 2022 and early 2023. One of the newer entrants focused on Web3 and blockchain is Venom Ventures Fund, launched by Iceberg Capital Limited and Venom Foundation. It helps promote the regulated and licensed Venom blockchain, which operates within the Abu Dhabi Global Market. Venom is designed to facilitate a network of blockchains, enabling auxiliary networks to join the ecosystem. By investing $5 million into Everscale, the team wants to explore new business use cases for blockchain technology.

Venom Ventures Fund and Everscale share a vision of bringing blockchain technology to real-world use cases. Several initiatives between both entities are in the works, including digital asset tokenization, CBDC and stablecoin framework, and new payment solutions involving cryptocurrency.

Although the promise of Web3 is significant and appealing, scalability remains a pressing issue. Everscale is confident its dynamic sharding technology can help the network adapt to various workloads. As such, it becomes a convenient and affordable solution for any project, regardless of its size. The $5 million in funding by Venom Ventures Fund will let Everscale expand its teams and build new projects.