Venom Foundation obtains ADGM licence

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


Joydeep Sengupta

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Published: Thu 6 Oct 2022, 5:20 PM

Last updated: Thu 6 Oct 2022, 7:57 PM

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

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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.

Kheriba is the Executive Chairman of Iceberg Capital; and also serves as Executive Chairman of VENOMEX, a multi-lateral trading facility and a custodian of digital assets that is fully licenced and regulated by Financial Services Regulatory Authority (FSRA) at ADGM; a member of the Board of Directors of Mirabank, Australian Gulf Capital, Quantum Age Corporation; and a Member of the Steering Committee Pathway 20 initiative.

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 organisations in the UAE, Egypt, Jordan, Bahrain, the Kingdom of Saudi Arabia (KSA), and the United Kingdom (UK); and was a member of the Board of Directors of several locally and regionally listed entities.

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Dr. Kai-Uwe Steck is a Swiss-German attorney at law, who manages Pontinova Circle investment group, and has extensive expertise in FinTech and has a global presence with offices in Switzerland, Germany and Abu Dhabi. Both have been instrumental in the support and founding of Venom and strongly believe that in the nearest future this project would become among the leading blockchain platforms globally, due to its team's aptitude and dedication for improvement and better usability.

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Venom Foundation has an exceptional panel of widely known professionals and influential figures in the tech industry, investment sector, and avid entrepreneurs such as Peter Knez, Osman Sultan, and Shahal M. Khan. Peter Knez, Ph.D., former Global Chief Investment Officer at BlackRock, and founder of Knex Ventures, is an industry leader and seasoned investor in technology and fintech with a focus on data and data-driven decision-making.

Sultan, Du Telecom’s ex-CEO and Founder of Fikratech, is a visionary leader, and one of the pioneers in the MENA region with 35 years of experience in the telecommunication field.

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Khan, founder of Burkhan World, Trinity Hospitality Holdings and CEO of Burtech, is considered to be a strategic investor, and economic leader in alternative global finance and new economic theory related to digital assets.

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