The Nervos Foundation has partnered with CMB International, a wholly-owned subsidiary of China Merchants Bank, and launched a $50 million fund named “InNervation” that will be used to make early investments in startups that are building blockchain-based user-centric products.
It has been reported that Decentralized finance (DeFi) protocols, dApps, and nonfungible token (NFT) marketplaces will be a particular focus of the investments.
However, Nervos claims to allow any crypto asset to be stored with the same security and immutability as Bitcoin but also enables smart contracts and layer-two scaling.
Paolo Ardoino, the CTO of Bitfinex, said:
“The facts on the ground in cryptocurrency markets are undeniable. Even the space’s harshest critics recognize this. The institutional investors getting exposure to digital gold aren’t going away any time soon. Decentralized finance (DeFi) will continue to grow. Developers will continue to build. Perhaps most significantly, the digital tokens that play such a pivotal role in the ecosystem are growing in strength and being recognised by pillars of the financial world as disruptive, evolutionary, and secure.”
The report said that Nervos launched its Common Knowledge Base (CKB) blockchain network in 2019 with a focus on scalability. The project sought to target DeFi and launched a $5 million fund of its own in February.
The $50M fund will be deployed over a three-year period, with startups receiving initial investments between $200,000 and $2 million to support project growth on the Nervos blockchain ecosystem. Priority will be given to projects that are either building on Nervos or have plans to migrate or integrate it into their products.
There are new opportunities for blockchain startups. Nervos and CMB International are raising funds for businesses to build platforms on their network. https://t.co/5gOZ0v3Y0C — Cointelegraph (@Cointelegraph) May 20, 2021
Likewise, Hong Kong incorporated CMBI has been exploring the use of dApps with Nervos since 2019 and was an early investor in the blockchain network. The bank is an integrated financial institution providing comprehensive and professional services, owned in entirety by China Merchants Bank (CMB), one of the country’s top commercial banks.
Samuel Wang, the Chief Investment Officer at CMBI, said:
“They’ve made no compromises in building their infrastructure and we are committed to supporting Nervos and the expansion of its dApp ecosystem.”
Kevin Wang, the co-founder of Nervos, said:
“Our team has been working diligently to ensure developers and teams have access to a variety of tools so they can create, customize, and connect their dApps, protocols, and more across multiple chains.”
Thus, the Nervos Common Knowledge Base (CKB) saw huge gains earlier this year as L2 and DeFi development progressed.