• Web3-focused fund VVF recently announced a $5 million investment in Everscale Blockchain.
• The investment is meant to support the Web3 industry by helping Everscale hire more developers and increase the number of projects.
• VVF was co-founded by Abu Dhabi-based Iceberg Capital Limited and the Venom Foundation.
Web3-focused fund Venom Ventures Fund (VVF) recently announced a $5 million investment in Everscale Blockchain. This strategic investment is meant to solve scalability issues that plague the Web3 industry and help Everscale complete its mission of hiring more developers and increasing the number of projects.
VVF was co-founded by Abu Dhabi-based Iceberg Capital Limited and the Venom Foundation. The fund came into being earlier last month and is focused on Web3 development. It aims to support the Web3 industry and bridge the gap between the development of blockchain-based protocols, applications, and infrastructure.
According to a document seen by CryptoPotato, the $5 million investment will go towards supporting Everscale’s expansion efforts. This will include hiring more developers and increasing the number of projects. VVF’s Chairman Peter Knez stated, “For us, this is a strategic investment aimed at the technological development of projects.”
The investment is also meant to help Everscale solve the scalability issues that many Web3 projects are facing. Scalability is a major concern in the blockchain industry and is one of the biggest hurdles when it comes to the adoption of blockchain technology.
Everscale was launched in 2020 and is a Web3 platform that offers a suite of products and services for developers. It provides a blockchain-based protocol for developers to build applications on. This protocol is designed to make it easier for developers to create and launch blockchain-based applications.
The investment from VVF will help Everscale expand its reach and grow its user base. It will also help the company improve its products and services and make them more accessible to developers.
VVF’s investment in Everscale is a sign of the growing interest in Web3 development. The Web3 industry is expected to grow exponentially in the coming years as more projects and developers enter the space. This investment will help ensure that Everscale remains at the forefront of this growth.