Everscale Blockchain secures $5M funding from Venom Ventures Fund

Everscale Blockchain secures $5M funding from Venom Ventures Fund

Everscale has secured a $5 million investment from Venom Ventures Fund, a Web3 and blockchain technology fund. The investment aims to assist Everscale in expanding its development teams and increasing the range of its projects.

Over the past two years, Everscale, a blockchain that seeks to resolve the scalability issues plaguing the Web3 industry, has been working on expanding its reach and integrating its technology solutions into Asian countries, as well as developing a strong community in the region.

“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.”Perez Knez, Chairman of Venom Ventures Fund

Together, Venom and Everscale will develop the core and ecosystem to bring blockchain adoption closer to real-world business applications. The development of digital asset tokenization platforms, a complete framework for CBDCs, stablecoins, and payment solutions with crypto-to-fiat gateways are already well underway.

Major boost to Everscale

Venom’s decision to partner with Everscale and commit $5 million to the project ties to their mission to mainstream blockchain technology through real-life business applications.

Everscale will gain access to Venom’s blockchain through the partnership. Venom’s decentralized network is licensed to issue utility tokens and is capable of hosting various decentralized applications and protocols. The Middle East, North Africa, and other regions will adopt central bank digital currencies through Venom as the default bridge.

Everscale has experienced substantial growth in several Asian countries, making it a viable partner for Venom’s focus on Asia and other regions. To adapt to variable workloads, Everscale offers dynamic sharding technology. It also aims to become a robust technology stack for the development of large-scale Web3 applications as well as other applications.