Venom Foundation Announces Dissolution in Abu Dhabi Global Market
According to Foresight News, the Venom Foundation, which backs Layer 1 blockchain Venom, has announced that it will no longer operate in the Abu Dhabi Global Market (ADGM) and has initiated the dissolution process under regulatory requirements. The foundation stated that this decision aligns with its current strategic direction and emphasized that the choice to dissolve is not a reflection of the environment in the Abu Dhabi International Financial Centre. The Venom Foundation remains open to exploring future opportunities within the center. As of today, there have been no token generation events for Venom, and any public statements regarding the issuance of Venom tokens by the foundation after a token generation event are untrue and unauthorized.
In January 2023, Foresight News previously reported that the Venom Foundation had partnered with investment management firm Iceberg Capital to launch a $1 billion venture fund. The fund aims to invest in Pre-Seed to Series A financing for Web3 protocols and dApps, with a focus on trends such as payments, asset management, DeFi, banking services, and GameFi.
We can summarize this in the following points
Details :
- The Venom Foundation, the organization backing the Layer 1 blockchain Venom, has decided to cease operations.
- The specific reasons for the dissolution are not explicitly stated in the available information.
- However, the announcement mentions a challenging market environment, suggesting it might have played a role.
- The dissolution could lead to uncertainty and potential disruption within the Venom ecosystem.
- Venom token holders might experience decreased value due to the news.
- Developers and users of Venom applications may need to find alternative solutions.