Rise of the Would-Be Philosopher King
by Bradley Hope
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Despite its contracts with national governments and rumored connections to the Emirati royal family, the UAE’s Venom Foundation presents itself as any other crypto company — undecipherable jargon, vague promises, and all.
Sheikh Tahnoon bin Zayed Al Nahyan is a man of many interests and trades: spymaster, cyclist, venture capitalist, royal, Covid vaccine supplier, patron of the martial arts, billionaire.
With upwards of $1.5 trillion in private and Emirati state assets reportedly under his control, his latest undertaking is figuring out how to convert the UAE’s capital into global influence. One answer he’s bet on, it seems, is crypto.
Sheikh Tahnoon (or TBZ, as he’s sometimes known) is the UAE’s deputy leader and chairs First Abu Dhabi Bank, which in turn backs a group called Hub71. In January 2023, Hub71 made an interesting “strategic partner” of Venom Foundation, a fledgling blockchain company promising to accelerate “the growth and adoption of blockchain technologies” in the Middle East, North Africa and beyond.
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