# Venom Wallet

<img src="https://4113295909-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FL5GL0psibPfRTKJ82gIN%2Fuploads%2FMnJJEV4KYaWPnn6G9QJh%2Ffile.excalidraw.svg?alt=media&#x26;token=45c19d92-d0bc-4f6d-b658-0930909a599e" alt="Venom Wallet" class="gitbook-drawing">

As of July 25, Venom Foundation, a blockchain technology pioneer in regulated markets, had recorded over one million registered wallets. The monumental achievement occurred quickly since Venom’s testnet launched on April 26. Venom’s innovative blockchain solutions are gaining prominence and setting a new standard.

Venom’s quick success is attributed to its unique technology, strict regulatory compliance, and secure, user-friendly environment for varied users. Smooth operations and regular updates on the [Venom testnet](https://venom.network/) help attract and maintain users.

Just in June:

* Venom recorded an astounding 277 million transactions, a significant increase of 46% from the previous month.
* The platform saw a 65% surge in the number of accounts with smart contracts, which now stand at 28 million.
* The recent growth also includes a remarkable 93% rise in minted NFTs as part of on-chain/social tasks, reaching 5.8 million.

Venom’s exponential growth is driven by its ambition to mainstream blockchain technology while complying with regulations. The company leads research and development, transparency, and strategic collaborations.

The Abu Dhabi Global Market (ADGM) granted the Venom Foundation the first blockchain license, demonstrating its compliance with international laws and governance norms.

## What is Venom?

Venom is a highly scalable and efficient blockchain solution that is specifically designed to cater to the needs of real-world applications. Its unique architecture and cutting-edge technology enable it to deliver high performance and security, making it an ideal platform for decentralized applications.&#x20;

Venom’s primary objective is to build a blockchain that can function as the main infrastructure for a global ecosystem of Web3 applications, providing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever-expanding user base. With Venom, developers can build their decentralized applications in minutes on an asynchronous blockchain with a global use case application.&#x20;

The Venom Blockchain is built on the Threaded Virtual Machine (TVM), which provides a highly efficient and scalable way to handle account interactions in the blockchain. This enables Venom to utilize the Actor model, isolate and parallelize actors, improving the efficiency and enabling contracts to execute in an asynchronous mode.

[Venom Foundation](https://venom.foundation/) is dedicated to bringing about a new wave of the international economy ecosystem through the power of blockchain technology, with a focus on real-world asset (RWA) products and transparent transactions. By providing users with products that fall in the RWA space with the added benefit of blockchain transparency, Venom Foundation is helping to build a more decentralized and secure global economy.

With a recent investment of **$1 billion in Web3 startups**, the platform is taking huge steps to bring about new ideas in the world of blockchain innovation. They’re also coming up with a **layerzero blockchain** that is touted to function as the foundation of a Web3 applications network that is both vast as well as global.&#x20;

Navigating the world of blockchain and decentralized finance can be intimidating, but fear not! We’re here to guide you through the process and help you get the most out of your Venom Testnet experience.&#x20;

That’s why we’ve put together a comprehensive guide to help you get started on the Venom Testnet. With step-by-step instructions, tips, and best practices, we’ll walk you through the entire process. You’ll learn everything you need to know so that you are able to explore the capabilities of this exciting new platform.

## **Venom’s $1 Billion Initiative in Blockchain with Iceberg** <a href="#venoms-usd1-billion-initiative-in-blockchain-with-iceberg" id="venoms-usd1-billion-initiative-in-blockchain-with-iceberg"></a>

Venom Foundation and Iceberg Capital Ltd, a UAE-based investment firm, unveiled a $1 billion cryptocurrency investment fund and announced they are heading a $20 million investment in Nümi Metaverse, a [virtual reality platform](https://blog.accubits.com/how-to-build-a-metaverse-virtual-world/).\
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The launch occurs amidst a downturn in funding for crypto startups, as the global financial climate becomes risk-averse, and several crypto failures, including the high-profile collapse of FTX, have shaken investors’ confidence along with the [recession](https://blog.accubits.com/economic-recession-how-can-technology-mitigate-the-impact/). Cryptocurrency markets are recovering, with bitcoin hovering at $17,421 after experiencing a 64% drop in 2022.

The $1 billion venture fund is a collaboration between Venom Foundation, a layer-1 blockchain solution, and Iceberg Capital, an investment management company based in Abu Dhabi Global Market (ADGM). Iceberg Capital aims to utilize its existing network to provide incubation programs and connections within the industry, marketing support, technical assistance, exchange listing, legal support, and regulatory guidance.
