As of July 25, the Venom Foundation, a leader in the deployment of blockchain technology inside regulated markets, has registered more than one million registered wallets. Since the testnet for Venom was launched on April 26th, the historic feat has happened in a relatively short amount of time. The significant rise represents the innovative blockchain solutions offered by Venom becoming more and more well-liked and widely used, creating a new standard in the industry.
Due to its cutting-edge technology, strict regulatory compliance, and secure, user-friendly environment that serves a wide user base, Venom has seen such fast development. The Venom testnet’s smooth operations and frequent upgrades increase its attractiveness, assisting in drawing in and keeping users.
Just in June:
- A staggering 277 million transactions were reported by Venom, a remarkable 46% rise from the previous month.
- The platform currently has 28 million accounts using smart contracts, a 65% increase from the previous quarter.
- A tremendous 93% increase in NFTs created for on-chain/social purposes, totaling 5.8 million, is also part of the recent boom.
Venom’s objective to promote widespread usage of blockchain technology while upholding regulatory compliance continues to be the driving force behind the company’s rapid expansion. The company has taken the lead in the sector thanks to its constant dedication to research and development, transparency, and strategic collaborations.
It is significant that the Venom Foundation is the first to be given a license by the Abu Dhabi Global Market (ADGM) to operate a blockchain, serving as a witness to its adherence to strict governance norms and international regulations.
Christopher Louis Tsu, acting CTO and CEO of Venom Foundation commented:
““Frankly speaking, it took me completely by surprise. We had 250,000 users in the first six days. Can you imagine opening a new shop in town, drawing the curtains back and seeing quarter of a million people lined up outside your door”
The monumental accomplishment of one million registered wallets, along with its significant growth, denotes the growing public trust in Venom and the understanding of the enormous potential that blockchain holds for developing a transparent, secure, and effective alternative to conventional financial systems.
Refer to the Foundation’s whitepaper for further details on the technology, structure, and potential platform applications of the Venom Foundation.
