Iceberg Capital Announces Everscale Partnership to Drive Web3 Growth

Bob Mason
Published: Feb 2, 2023, 12:14 UTC

After a tumultuous 2022 in the digital asset space, investment opportunities have presented themselves in 2023, with Web3 a target for investment funds.

Web 3

The crypto winter and increased lawmaker and regulatory scrutiny put the digital asset space and Web3 into the spotlight in 2022. Fraudulent activity and bankruptcies contributed to a pullback in the mainstream interest and investment in Web3. Iceberg Capital aims to change the dynamic.

Going into 2023, mainstream players and investment funds see an enticing opportunity to refocus attention and redirect funds to the Web 3 space.

Iceberg Capital Announces Everscale Partnership

In January, Abu Dhabi investment fund manager Iceberg Capital announced a strategic alliance with Everscale. Iceberg Capital manages Venom Ventures Fund, a Web3 and blockchain innovation fund. The partnership will empower Everscale, a premier blockchain, to solve scalability issues that have impeded growth across the Web3 space.

Venom Ventures Fund will invest $5 million in Everscale. Everscale will use the funds to expand development teams and ramp up project numbers. Over the last two years, Everscale focused on expanding its reach by integrating its technology solutions across the Asian region.

Venom Ventures Fund has a strategic position within the digital asset space. Venom Foundation partnered with Iceberg Capital Ltd to launch the Venom Ventures Fund, the first officially licensed and regulated Layer-1 blockchain running within the Abu Dhabi Global Market (ADGM).

Everscale uses a sharding technology that offers a practical option for creating large-scale Web3 and other applications. The technology allows Everscale to respond efficiently to varying workloads without limitation.

Importantly, workload magnitudes have no impact on transaction times and processing fees. This attribute makes Everscale a front-runner in supporting high-scale Web3 and other work-intensive projects.

Former CIO of Blackrock and now Chairman of the Venom Ventures Fund, Peter Knez, had this to say,

For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop.


“In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Partnership Aims to Accelerate Mainstream Blockchain Adoption

The goal is to accelerate the adoption of blockchain across mainstream businesses with the support of the Venom-Everscale partnership.

Responding to the Venom Ventures Fund Investment, Everscale Foundation Board member Moon Young Lee said,

This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience.”

Lee went on to say,

Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”

With lawmaker and regulatory scrutiny on the rise, ICEBERG Capital Limited ticks all the boxes. The alternative asset management shop falls under the purview of the FSRA as a Prudential Category 3C investment manager.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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