• VVF, an Abu Dhabi-based Web3-oriented venture fund, has invested $5 million in Everscale to help expand their blockchain solutions.
• According to VVF’s Chairman Peter Knez, the investment is a “strategic move” aimed at solving scalability issues and increasing the number of projects.
• The funds will be sent in stages depending on progress and other indicators; Everscale also intends to expand its global presence in Asia.

VVF Investing $5 Million in Everscale

The Web3-oriented Venom Ventures Fund (VVF) recently announced a $5 million investment in the blockchain solutions firm Everscale. The funding comes after VVF collaborated with Abu Dhabi-based Iceberg Capital Limited and Venom Foundation earlier last month.

Purpose of Investment

According to documents seen by CryptoPotato, the investment intends to support the Web3 industry by solving its scalability issues as well as increasing the number of projects available. It will be sent in stages depending on progress and other indicators.

Everscale’s Expansion Goals

Everscale already plans to significantly expand its global presence across Asia and establish a strong community there. These funds should help them hire more developers for their projects as well as increase their reach across different regions.

Statement from VVF Chairman Peter Knez

Peter Knez, who serves as both VVF’s Chairman as well as former CIO of BlackRock, commented that “this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop.” He was referring specifically to the upcoming Venom blockchain project which could use Everscale’s Layer 2 solution.

About Moon Young Lee – CEO & Founder of Everscale

Moon Young Lee is currently serving as CEO & Founder of Everscale where he works closely with government agencies, enterprises and international corporations building powerful public blockchains for various industries including finance, healthcare, media & entertainment etc.. He also holds several patents related to blockchain technology which are registered in Korea, US & Japan under his name since 2018

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