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Venom Foundation First Crypto Foundation Obtained License from UAE ADGM to Build Infinitely Scalable Blockchain

Abu Dhabi, United Arab Emirates – 10-10-2022 (PR Distribution™) –

Project impacting the MENA region by improving security, transparency and transaction management for government transactions

October 6, 2022. Venom Foundation was registered as the first crypto foundation in the Abu Dhabi Global Market (ADGM), with a license to operate a blockchain and issue utility tokens.

ADGM is the award-winning international financial center strategically located in the capital of the United Arab Emirates and is globally recognized as a hub for fintech and financial services innovation.

Venom blockchain is an asynchronous blockchain technology with dynamic partitioning, using flexible nodes that adapt to changes in traffic. This leap in blockchain technology offers unlimited scalability and higher security guarantees with decentralization.

Blockchain falls under the Venom Foundation that innovates solutions in three main areas: critical infrastructure, incoming project support, and developer-friendly platforms. In the MENA region, the Foundation focuses on technology that enables enterprises and governments to create simple and secure transitions to Web3, while managing large transaction flows without increasing delays or network costs.

Venom The Foundation’s main priority is to develop and support a self-sustaining blockchain ecosystem. The ecosystem will include non-custodial wallet VenomWallet, transparent transaction inquiry tool VenomScan, multi-chain bridging tool VenomBridge, validating node VenomPools and an easy gateway to Venom tokens VenomGet.

Venom Foundation offers B2B services to government authorities, developers and enterprises, helping them deploy solutions such as NFT marketplaces, derivatives exchanges, fiat-backed stablecoins and more.

Subject to relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that these products are offered in a manner consistent with ADGM regulations.

Abu Dhabi Global Market (ADGM), the Abu Dhabi International Financial Centre, has previously innovated a framework to regulate spot crypto asset activities, including those undertaken by exchanges (MTFs), custodians and other intermediaries in ADGM.

The Venom blockchain is backed by leaders who have been involved in its development. Mustafa Kheriba, Dr. Kai-Uwe Steck and Osman Sultan are among the Foundation members providing the project team with full support and exceptional guidance. Mr. Kheriba is the Executive Chairman of Iceberg Capital and is also the Executive Chairman of multilateral trading system and digital asset custodian VENOMEX.

Dr. Steck is a lawyer who manages Pontinova Circle Investment Group and has extensive expertise in fintech. Mr. Sultan is the CEO of Emirates Integrated Telecommunications Company (du) and a thought leader in connectivity and technology innovation.

The Foundation is also backed by a panel of tech thought leaders, including Peter Knez, PhD, former global chief investment officer at BlackRock and founder of Knex Ventures; and Shahal M. Khan, founder of Burkhan World, Trinity Hospitality Holdings and CEO of Burtech.

Venom The Foundation’s innovation in blockchain technology will accelerate the adoption of blockchains in real-world use cases while connecting multiple stakeholders in novel ways. This aligns with the Emirates Blockchain strategy of using blockchain technology for government transactions.

Media contacts:

Company Name: Venom Foundation
Full name: Oleg Gorobets
Phone: +971522911232
E-mail address: Send an email

For the original short story, please visit

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