Venom Foundation becomes first crypto entity to obtain ADGM’s licence

UAE regulatory body gives the start-up a golden opportunity to build an infinitely scalable blockchain platform in the MENA region

Venom Foundation has the distinction to emerge as the first cryptocurrency entity to obtain a licence in Abu Dhabi Global Market (ADGM), an international finance centre and free zone located on Al Maryah island in the UAE’s capital, Abu Dhabi.

The sought-after licence gives Venom Foundation a golden opportunity to build an infinitely scalable blockchain platform in the Middle East and North Africa (MENA) region, which is emerging as the hub for transactional management, maximum cybersecurity, and inbound governmental database projects.

The licence gives the foundation to operate a blockchain and issue utility tokens, which was hitherto not permitted by ADGM, a fintech oasis for investors and financial services firms around the globe.

The Venom blockchain will be launched soon.

Core competence

Essential infrastructure, support of inbound projects, and developer-friendly platform are the three pillars of the foundation amid its robust push to Web 3.0 globalisation.

The priority is to develop and support the blockchain ecosystem to be self-sufficient in following functionalities such as 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), Web 3.0 World (native decentralised exchange).

Developers, companies, and government authorities have joined hands with the foundation to establish new products such as non-fungible token (NFT) marketplace, derivative exchange, fiat-backed stablecoin amid the potential to become a bridge toward wide adoption of central bank digital currency (CBDC) in the UAE, other MENA countries and the rest of the world in the near future.

Earlier, ADGM had launched its framework to regulate spot crypto asset activities, including those undertaken by exchanges, custodians, and other intermediaries in ADGM.

The brains behind the foundation

Mustafa Kheriba and Dr. Kai-Uwe Steck are foundation members. They have given the project’s team full support and their unique and unparalleled expertise guidance.

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