The Nervos Network, China’s leading Blockchain platform alongside CMB International, a subsidiary of China Merchants Bank, announced on May 18th, 2021, that it will launch a $50 Million fund focused on early and growth-stage investments in the blockchain startup space, coined as InNervation. These include a diverse range of user-facing products, like decentralized applications, defi (decentralized finance) protocols, ledger platforms, and other marketplaces.
Background On Nervos & CMBI
Nervos and CMB International have already been frequent collaborators in the past. CMBI was an early investor in Nervos and has since been expanding its operations through decentralized applications on the Nervos platform. The timing of this partnership comes conveniently after an explosion of blockchain technology into mainstream use across many verticals like banking, media, and enterprise software.
As the first of its kind, this joint investment vehicle looks to capitalize upon the increasing adoption of blockchain protocols and applications.
The Details
The fund is set to be co-managed by both CMBI and Nervos, and seeks to tap into the real-world applications of Blockchain internationally. The fund, valued at $50 million, will be deployed throughout the course of 3 years. The size of initial investments will vary between $200,000 and $2 million. Targeted investments will look to incorporate the Nervos Blockchain platform into their product or service, according to the InNervation investment thesis.
🗣 BIG NEWS
Nervos has partnered with CMBI to launch #InNervation, a $50M fund for early and growth-stage startups building dApps, #DeFi protocols, #NFT marketplaces, and more blockchain solutions 🔥
Find out what this means for the Nervos Network 👉 https://t.co/luzxUvuvk6 pic.twitter.com/4BKSqxIWIS
— Nervos (@NervosNetwork) May 19, 2021
Funded investments will gain access to a plethora of Nervos’ Layer 2 development tools, including Polyjuice, an EVM-compatible layer that allows developers to port existing Ethereum apps into the Nervos Blockchain, a decentralized exchange, and Godwoken, a permissionless framework rollup.
Other tools scheduled for later rollout include Force Bridge, which seeks to expand cross-chain support for Bitcoin, Tron, EOS, and Polkadot by the end of Q2 2021. Kevin Wang, the co-founder of Nervos, remarks that:
“With CMBI’s support, InNervation will be the catalyst for a new phase of development not just on Nervos but in the greater blockchain and crypto ecosystem.”
Nervos
The Nervos Network is a public Blockchain ecosystem that contains a collection of protocols to solve some of the biggest problems faced by Bitcoin and Ethereum. This includes the Nervos Common Knowledge Base (CKB) as layer 1, allowing crypto assets to be stored as securely Bitcoin while also enabling the usage of smart contracts for layer 2 scaling.
CMB International
CMB International is a Hong-based subsidiary of China Merchants Bank, providing financial services to both local and global institutional clients and individual investors.
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