Venom Foundation is the first crypto foundation to be granted a license to operate a blockchain and issue utility tokens in the Abu Dhabi Global Market (ADGM).

The foundation’s aim is to develop and support a self-sufficient blockchain ecosystem to enable organisations to build blockchain and digital asset products in the region.

Venom Foundation says that its product ecosystem currently includes a non-custodial wallet, a decentralised exchange, as well as solutions to access transaction histories and stake on validator nodes.

The foundation’s first members include UAE asset manager Mustafa Kheriba, Swiss attorney Dr Kai-Uwe Steck, and former CEO of UAE telco du Osman Sultan.

“The astonishing disruption induced by social networks is driven by the quest to find economically viable ecosystems. We should now focus on establishing the right platforms to allow the emergence of the new conversations needed for these ecosystems,”

said Osman Sultan, Board Adviser, Venom Foundation.