The backing comes from GEM, a $3.4 billion alternative investment group
Venice Swap, the Lithuanian-based one-stop crypto exchange platform led by the Venetian engineer and entrepreneur Gianluca Busato, announced that it had secured a $100 million capital commitment in the form of a Token Subscription Facility from GEM Digital Limited (“GEM”).
GEM Digital Limited is a digital assets investment firm based in the Bahamas. GEM actively sources, structures, and invests in utility tokens listed on over 30 CEXs and DEXs globally.
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Venice Swap intends to use the funds for global expansion and product development. The company owes its name to the extraordinary history of the Most Serene Republic of Venice as a naval and mercantile empire, which between Rialto and Piazza San Marco invented the very concept of a modern stock exchange. Just as the Serenissima did in the past, today Venice Swap intends to shape a new concept of crypto exchange where an ecosystem of different applications will create a highly liquid shared one-stop crypto experience for end users and traders, providing them with more and more new tools over time to satisfy their trading desires. Venice Swap will control the timing and maximum amount of drawdowns under this facility and has no minimum drawdown obligation.
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Venice Swap launched the first release of its Crypto Exchange on March 2022 with spot, margin and P2P crypto trading functionalities for the top cryptocurrencies. Other features will be released in the following days and weeks, from the listing of the top cryptocurrencies and of new ERC20 and BSC BEP-20 tokens, to IEO features, referral system and much more. Venice Swap will also publish its DeFi Swap in a short time, a peer-to-peer system for trading ERC-20 tokens on the Ethereum and other blockchain networks like Polygon. The company created a very safe crypto ecosystem integrating high-performance transactional risk tools to prevent any abuse by illicit and shady players and increasing its compliance shield in a challenging era for all the crypto world after the last dramatic geopolitical events that stimulated an always increasing attention by regulators all over the world.
VENICE COIN is the utility token that powers Venice Swap ecosystem, used in all transactions related to distributed credits on its platform. VENICE follows ERC20 token standard on the Ethereum blockchain. In a few days, VENICE will be publicly available through an IEO on the Venice Swap exchange, before being listed on a first-tier crypto exchange to be announced soon.
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