Venom Ventures Fund, the Abu Dhabi-based crypto fund that initially grabbed attention with its $1 billion pledge to web3 startups, is engulfed in silence as the year draws to a close.
Launched amidst high expectations, the fund’s quiet has sparked speculation and curiosity within the crypto community.
In January, Venom Ventures Fund, born from a collaboration between Venom Foundation and Iceberg Capital, promised significant investments in the web3 sphere. Led by Peter Knez and Mustafa Kheriba, the fund aimed to inject capital across the venture spectrum.
Yet, as 2023 nears its end, Venom Ventures’ portfolio remains under wraps, with only a couple of investments publicly disclosed since its inception.
While the fund initially led a $20 million investment in NĂĽmi Metaverse and a $5 million stake in Everscale, there has been a noticeable absence of further activity.
The Venom blockchain, associated with the fund, is yet to launch its mainnet. The recent rumours of mainnet launch was squashed by Christopher Louis Tsu, CEO of Venom Foundation.
Having faced setbacks and declining venture funding, the crypto sector watches keenly as Middle Eastern capital becomes increasingly elusive.
As Venom Ventures Fund maintains its silence, the crypto world remains in wait, hoping for a resurgence of activity that could rekindle confidence in the sector.
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