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As of July 25, the Venom Foundation, a frontrunner in the implementation of blockchain technology within regulated markets, has recorded over one million registered wallets. This milestone was achieved in a relatively brief period since the launch of the Venom testnet on April 26th. The notable increase reflects the growing popularity and utilization of the innovative blockchain solutions provided by Venom, establishing a new benchmark in the sector.
The rapid growth can be attributed to its advanced technology, rigorous regulatory adherence, and a secure, user-friendly environment catering to a broad audience. The seamless functionality of the Venom testnet and its regular updates enhance its appeal, helping to attract and retain users.
Just in June:
- A remarkable 277 million transactions were recorded by Venom, marking a significant 46% increase from the prior month.
- The platform now boasts 28 million accounts utilizing smart contracts, reflecting a 65% rise from the last quarter.
- A substantial 93% surge in NFTs created for on-chain/social purposes, totaling 5.8 million, is also part of the recent growth.
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Venom’s mission to encourage widespread adoption of blockchain technology while maintaining regulatory compliance remains the key driver behind the organization’s swift expansion. Its unwavering commitment to research and development, transparency, and strategic partnerships has positioned the company as a leader in the field.
It is noteworthy that the Venom Foundation is the first entity to receive a license from the Abu Dhabi Global Market (ADGM) to operate a blockchain, underscoring its commitment to stringent governance standards and international regulations.
Christopher Louis Tsu, acting CTO and CEO of Venom Foundation, remarked:
“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 a quarter of a million people lined up outside your door?”
The significant achievement of one million registered wallets, along with its impressive growth, signifies the increasing public confidence in Venom and the recognition of the vast potential that blockchain technology offers in creating a transparent, secure, and efficient alternative to traditional financial systems.
For more information on the technology, structure, and potential applications of the Venom Foundation, please refer to the Foundation’s whitepaper.
