VVF Invests $5M in Web3 Firm Everscale to Boost Expansion

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• Web3-oriented Venom Ventures Fund (VVF) invested $5 million in Everscale to aid its expansion efforts.
• The fund saw the light of day earlier last month after collaborating with the Abu Dhabi-based Iceberg Capital Limited and Venom Foundation.
• VVF’s financing aims to support the Web3 industry by solving its scalability issues and help Everscale complete its goal of hiring more developers and increasing the number of projects.

Web3-focused venture capital fund, Venom Ventures Fund (VVF), recently invested $5 million in blockchain firm Everscale to aid in its development and expansion efforts. The fund, which collaborated with Abu Dhabi-based Iceberg Capital Limited and Venom Foundation, is focused on supporting the growing Web3 industry and helping it solve its scalability issues.

VVF’s chairman, Peter Knez, spoke on the investment, saying “For us, this is a strategic investment aimed at the technological development of projects.” This injection of funds is expected to help Everscale achieve its goal of hiring more developers and increasing the number of projects it is managing.

The Web3 industry has been on the rise in recent years, with many companies and projects beginning to take advantage of the technology’s capabilities. This has led to a surge in the number of projects being developed, with many focusing on scalability and performance. VVF’s investment in Everscale is expected to help the company achieve its goals of increasing the number of projects it is managing and hiring more developers to help carry out its mission.

In addition to the investment, VVF is also providing Everscale with a range of services, such as support in marketing, legal advice and technical support. This kind of assistance is expected to help the company expand its operations and reach more potential users.

Overall, the investment from VVF is an important step forward in the development of the Web3 industry. By providing the necessary funding and assistance, the venture capital firm is helping to ensure the success of projects within the industry and aiding in the growth of the technology.