Venture capital companies in the UAE have opened a fund for $ 1 billion for the development of Web3

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Venture capital companies from the UnitedArab Emirates Venom Foundation and Iceberg Capital announced the opening of the Venom Ventures Fund (VVF) worth $1 billion to develop the Web3 industry.

Venom Ventures management announced thathas been working with the Web3 sector for more than three years and is interested in its development. Therefore, VVF will invest in projects developing decentralized applications and games on the blockchain, as well as in decentralized finance (DeFi) projects. 

In addition to funding, startups willassistance in technical developments, marketing support and legal advice is offered. The VVF is also interested in exploring metaverses.

“We are committed to investing in promisingprojects to accelerate the development of the Web3 ecosystem and achieve its widespread adoption,” said VVF Executive Director Peter Knex.

Note that industry-focused fundsWeb3 are not opened as often. Given the large-scale bankruptcies of several cryptocurrency lenders and the FTX exchange last year, many venture capital firms are choosing to wait for more specific regulatory guidelines for the crypto industry. 

This month, UAE authorities said they would strengthensupervision of the digital asset market at the entire country level. According to Fortune, due to the protracted crisis in the market, investments in the cryptocurrency industry decreased by $5 billion in 2022.