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

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

Published: Thu 6 Oct 2022, 5:20 PM Last updated: Thu 6 Oct 2022, 5:50 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)