blockchain
Blockchain Fintech Middle East & Africa

Venom Foundation Becomes the First Crypto Foundation in the ADGM

Venom Foundation is registered as the first crypto foundation in the Abu Dhabi Global Market (ADGM) with a licence to operate a blockchain and issuing utility tokens. ADGM is known as a fintech oasis for investors and financial services firms around the globe. The next essential step of Venom Blockchain is to be announced in the upcoming month.

Venom Blockchain has an asynchronous blockchain technology of dynamical sharding, that has made an unprecedented leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralisation.

Venom Foundation is leading among three core directions, such as essential infrastructure, support of inbound projects, developer-friendly platform, each to offer novel solutions for solving earlier existing issues on the crypto market.

Though, the most valuable feature for the MENA region market is the technology that enables major corporations and companies to conduct an easy and secure transition into Web3 globalisation, managing the gross data transaction flows without faltering by increasing fees and transaction times.

Venom Foundation’s main priority to develop and support a self-sufficient blockchain ecosystem has already yielded significant results: non-custodial Wallet (VenomWallet mobile application and Desktop Browser Extension) with a Multisig accounts option and Ledger support, VenomScan (to keep everything transparent with access to transactions history), VenomBridge (allowing the interchain transactions to be made fast, while low price), VenomPools (to stake on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.World (native decentralised exchange) has been built.

Individual developers, companies, and government authorities will be able to engage Venom Foundation to establish new products, such as an NFT marketplace, derivative exchange, fiat-backed stablecoin and many others to come with the potential to become a bridge toward wide adoption of CBDC in the UAE, other MENA countries and global adoption in future.

Subject to relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in complaint manner within the trusted and well- regulated environment of ADGM.

Nowadays, MENA region entrepreneurs are considered the pioneers of the global crypto trends adoption, thus there is a vital need for companies to think of decentralised globalization of the data flows for businesses as well as governmental and social projects.

ADGM, the international financial Centre in Abu Dhabi, has previously launched its framework to regulate spot crypto asset activities, including those undertaken by exchanges (MTF), custodians and other intermediaries in ADGM.

This follows the need to mitigate the full range of potential risks associated with crypto asset activities and shows that security is still the number one priority for the market trend itself. The Venom blockchain is an attractive project not only for visionaries, but there are also great specialists in the industry involved in its development and striving. Mustafa Kheriba, Dr. Kai-Uwe Steck, and Osman Sultan have become Foundation members and have given the project’s team full support and their unique and unparalleled expertise.

The Venom blockchain is claimed to become a platform that will bring novel customised approaches to the market all over the globe.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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