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By Stan Peterson 34 mins ago Updated 34 mins ago
The Venom Foundation has been leading the way in blockchain technology adoption in regulated markets. It is a foundation that became quite renowned quickly in this industry.
Recently, it announced a significant partnership with the UAE Government to establish the National Carbon Credit System. This landmark collaboration underscores the UAE’s commitment to leveraging innovative solutions for environmental challenges and promoting sustainability at a national level.
Among the very first accomplishments made by the Venom Foundation was securing a license from the Abu Dhabi Global Market (ADGM). Having this allows it to drive the advancement of global Web3 projects.
First Official collaboration with the UAE Government
The reason why Venom and the UAE government shook hands together was due to realizing the former’s carbon-neutral blockchain technology will play a key role in achieving the latter’s ambitious climate goals.The MoU signed aims to reduce carbon emissions by 40% by 2030.Aside from that Venom Foundation, the Industrial Innovation Group, and the Ministry of Climate Change and Environment (MCCE) have signed to achieve objectives like:
- Reducing emissions,
- Fostering sustainable agriculture
- Improving environmental health and
- Conserving the biodiversity of the entire nation.
Venom will actively contribute to these goals, reinforcing a greener future for the nation.
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Team Background
TaryamMatarTaryam, CEO of Industrial Innovation Group, expressed the organization’s commitment to sustainable development and emphasized the importance of addressing the global climate crisis. The group, with over 30 years of experience, has a strong track record of creating national registries and driving carbon removal initiatives.
Peter Knez, Chair of the Foundation Council at Venom Foundation, shared his excitement about the partnership, highlighting the potential of blockchain technology to make a positive impact on real-world issues. This initiative perfectly embodies Venom’s vision of creating a sustainable future.
Venom Foundation in the UAE
The Venom Foundation functions as a decentralized network, offering a secure platform for investors and financial services firms while adhering to regulatory compliance. Its cutting-edge capabilities, including scalability, low fees, high-speed transactions, and decentralized apps (dApps), make it the core platform for a vibrant international ecosystem of Web3 applications.
What follows?
When the MOU goes into effect, both parties will be anticipating the successful launch and also the implementation of “National Carbon Credit System”. This collaboration shows how blockchain technology can help promote environmental initiatives, reinforcing the commitment to a more sustainable and environmentally friendly future.
Venom is currently working on adding more use cases and a range of decentralized applications to its expanding blockchain. The big picture is to reduce fees and enable blazing-fast transactions with the help of dynamic sharding. Experts believe that the Venom Foundation is on the verge of growing its user base multifold after this collaboration with the UAE government.
