China’s leading blockchain network for funding startups ready to develop on it.
The Nervos Foundation has announced the launch of a fund in partnership with CMB International, a wholly owned subsidiary of China Merchants Bank.
The $ 50 million fund named “Innervation ” is used to get early investment in startups that develop blockchain-based user-centric products. DeFi protocols (decentralized finance), dApps and NFT marketplaces (nonfungible tokens) will form a particular focus of the investments.
Nervos is a Chinese blockchain project based on a blockchain protocol with Layer 1, Proof of Work, without permission. It is claimed that crypto assets can be stored with the same security and immutability as Bitcoin, but also smart contracts and layer two scaling.
According to the new one announcementThe $ 50 million fund will be used over a period of three years. Startups receive initial investments of between $ 200,000 and $ 2 million to support project growth in the Nervos blockchain ecosystem. Priority will be given to projects that either build on Nervos or plan to migrate them or integrate them into their products.
Chief Investment Officer at CMBI, Samuel Wang, specified: “They made no compromises when setting up their infrastructure and we are committed to supporting Nervos and the expansion of his dApp ecosystem.” Nervos co-founder Kevin Wang stated: “Our team has worked hard to ensure that developers and teams have access to a variety of tools to use to create, customize, and connect their dApps, logs, and more across multiple chains.”
Funded startups have access to a number of Nervos Layer 2 tools that were previously developed and are now ready to use. This includes a decentralized exchange, an Ethereum Virtual Machine (EVM) compatible layer called Polyjuice and a permissionless rollup framework called Godwoken.
There is also a cross-chain bridge called the Force Bridge, which is expected to enable support for Bitcoin, Tron, EOS and Polkadot by the end of this quarter.
The Nervos Common Knowledge Base (CKB) saw tremendous growth earlier this year as L2 and DeFi continued to develop.