Business & Investments

Cessation of Activities by Venom Foundation in ADGM

Cessation of Activities by Venom Foundation in ADGM

Abu Dhabi, UAE, 17th May 2024 – The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) wishes to inform members of the public that Venom Foundation, an ADGM registered foundation with registration number 000008382 (Venom Foundation ADGM), is no longer conducting any activities in ADGM having voluntarily cancelled its commercial licence in February 2024 and appointed a liquidator in March 2024 to wind down the foundation.

In addition to Venom Foundation ADGM, associated ADGM companies Venom Blockchain Holding Limited with registration number 000007380 and Venom Blockchain Holding 2 Limited with registration number 000010061 also appointed a liquidator in March 2024 to wind down those companies.

The RA wishes to alert members of the public that Venom Foundation ADGM and the associated ADGM companies are not associated with activities mentioned in recent social media announcements concerning the launch of Venom Blockchain.  References in the recent social media to Venom Foundation are not to Venom Foundation ADGM.

For further information, please view the media release issued by Venom Foundation ADGM here.

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About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world.

Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island collectively designated as the financial free zone of Abu Dhabi.

ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions whilst leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse, and progressively governed financial hubs.