The First ADGM-licensed Blockchain Is Also the Most Promising Venom Foundation will be able to work with private developers, businesses, and governmental organizations to launch new services such as an NFT marketplace, a derivative transactions, and many others
By Alex Belov •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Venom Foundation is the first cryptocurrency foundation to get a license in Abu Dhabi Global Market (ADGM), an international financial centre and free zone located in Abu Dhabi, United Arab Emirates.
Getting this license is a big deal for Venom Foundation as it will allow the company to build an infinitely scalable blockchain platform in the Middle East and North Africa (MENA) region, which is becoming a hub for transaction management, maximum security, and inbound government database projects.
The creation of a blockchain ecosystem that can function without outside assistance is the top objective of the Venom Foundation. The non-custodial wallet known as VenomWallet will be a part of the ecosystem, as will the transparent transaction querying tool known as VenomScan, the multi-chain bridging tool known as VenomBridge, the VenomPools for validator node staking, and an easy gateway to Venom tokens known as VenomGet.
Venom Foundation will be able to work with private developers, businesses, and governmental organizations to launch new services such as an NFT marketplace, a derivative transactions, and many others that could serve as a link to the widespread adoption of CBDC in the United Arab Emirates, other MENA nations, and internationally. To make sure that these products are given in a compliant manner within the dependable and well-governed environment of ADGM, Venom Foundation will collaborate with ecosystem partners.
Venom Foundation's Purpose
Venom Foundation is assisting state authorities, developers, and enterprises put out solutions such as NFT markets, derivatives exchanges, fiat-backed stablecoins with innovative B2B services.
The Foundation will engage with ecosystem players to ensure that such products are distributed in a way that is compatible with ADGM standards, pending clearance from the applicable regulatory bodies.
In the past, the Abu Dhabi Global Market, commonly referred to as ADGM, developed a mechanism to control transactions involving spot crypto assets. Platforms (MTF), authorities, and other facilitators all engage in these activities.
Blackrock Influence
The Foundation is supported by top executives, such as Peter Knez, Ph.D., former global chief investment officer at BlackRock is in the mix, a well-known, seasoned business leader and investor in the expertise of fintech with a primary emphasis on data-driven decision-making. Also the founder of Knex Ventures, a force to be reckoned with, we expect big things from Venom.
The advancements in blockchain technology that have been made by the Venom Foundation will hasten the adoption of blockchains for use in real-world applications while simultaneously linking diverse stakeholders in unique ways. This is in line with the Emirates Blockchain Strategy, which calls for the use of blockchain technology in the processing of government transactions.
Note: Investment in cryptocurrency and crypto assets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.
