Venom Foundation becomes first crypto entity to obtain ADGM licence

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Oct 10, 2022, 05:15 ET

ABU DHABI, UAE, Oct. 10, 2022 /PRNewswire/ -- Venom Foundation has been registered as the first crypto foundation in the ADGM, with a license to operate a blockchain and issuing utility tokens. ADGM is known as a fintech oasis for investors and financial services firms around the globe. The next essential step of Venom Blockchain is to be announced in the upcoming month.

Venom blockchain has an asynchronous blockchain technology of dynamical sharding, that has made an unprecedented leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralization.

Venom Foundation is leading among three core directions, such as Essential Infrastructure, Support of Inbound Projects, Developer-friendly Platform, each to offer novel solutions for solving earlier existing issues on the crypto market. Though, the most valuable feature for the MENA region market is the technology that enables major corporations and companies to conduct an easy and secure transition into Web3 globalization, managing the gross data transaction flows without faltering by increasing fees and transaction times.

Venom Foundation main priority to develop and support a self-sufficient blockchain ecosystem has already yielded significant results: non-custodial Wallet (VenomWallet mobile application and Desktop Browser Extension) with a Multisig accounts option and Ledger support, VenomScan (to keep everything transparent with access to transactions history), VenomBridge (allowing the interchain transactions to be made fast, while low price), VenomPools (to stake on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.World (native decentralized exchange) has been built. Individual developers, companies, and government authorities will be able to engage Venom Foundation to establish new products such as NFT marketplace, Derivative Exchange, fiat-backed stablecoin, and many others to come with the potential to become a bridge toward wide adoption of CBDC in the UAE, other MENA countries and Global adoption in future. Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in complaint manner within the trusted and well- regulated environment of ADGM."

Nowadays, MENA region entrepreneurs are considered the pioneers of the global crypto trends adoption, thus there is a vital need for companies to think of decentralized globalization of the data flows for businesses as well as governmental and social projects. Abu Dhabi Global Market (ADGM), the International Financial Center in Abu Dhabi, has previously launched its framework to regulate spot crypto asset activities, including those undertaken by exchanges (MTF), custodians, and other intermediaries in ADGM. This follows the need to mitigate the full range of potential risks associated with crypto asset activities and shows that security is still the number one priority for the market trend itself. The Venom blockchain is an attractive project not only for visionaries, but there are also great specialists in the industry involved in its development and striving. Mustafa Kheriba, Dr. Kai-Uwe Steck, and Osman Sultan have become Foundation members and have given the project's team full support and their unique and unparalleled expertise.

Mustafa Kheriba is known as Executive Chairman and CEO of Iceberg Capital; Executive Chairman of VENOMEX, a multilateral trading facility and a custodian of digital assets that is fully licensed by the financial regulator of the ADGM, member of the Board of Directors of Mirabank, Australian Gulf Capital, Quantum Age Corporation; and Member of the Steering Committee Pathway 20 initiative and Dr. Kai-Uwe Steck is Swiss/German attorney at law, who runs Pontinova Circle investment group. Mustafa Kheriba was named as a top 50 Mena Fund Manager two years running and is well known for creating and building value within firms. He has held key positions across organizations in the UAE, Egypt, Jordan, Bahrain, KSA, and the UK; and was a member of the Board of Directors of several locally listed entities, whereas Dr. Kai's expertise in FinTech is backed by the network of Pontinova in Switzerland, the EU, and the UAE. Having both a live interest in the project's future, they also believe as veterans of this field that in the nearest future this project would become among the leading blockchain platforms due to its team's dedication to the constant updates for improvement and better usability.

Widely known across the MENA region, an influential figure and expert in the telecommunication field with 35 years of experience, DU Telecom ex-CEO, Osman Sultan has become the board adviser of the Venom Foundation. He forecasts that the industry needs to look for a blockchain platform that will be flexible enough to outreach and bridge different dimensions of the market actors through its customized service, he said – "All industries are currently going through a profound transformation, one that is enabled by the acceleration of capabilities offered by technology. The astonishing disruption induced by social networks is driven by the quest to find economically viable ecosystems. We should now focus on establishing the right platforms to allow the emergence of the new conversations needed for these ecosystems tackling the intersections between the technological, economical, and societal dimensions to make way for a more technologically efficient and humanly rewarding future during all these rapid changes."

The Venom blockchain is claimed to become a platform that will bring novel customized approaches to the market all over the Globe.