Abu Dhabi Fund Is Looking for Web3 Projects

A venture capital fund in the oil-rich emirate of Abu Dhabi is on the hunt for new blockchain projects to support from seed stage to IPO. The majority of its support goes toward projects in the payments, asset management, banking services and GameFi space.

The Venom Ventures Fund is looking to place $1 billion in Web3 projects, Peter Knez, chair of Venom Ventures Fund, told The Block. “A good time to launch something like this is when liquidity is scarce,” Knez said. “You can show up with a lot of capital and there’s a lot of people — good projects — that are having a hard time getting capital.”