On Tuesday, May 18, CMB International (CMBI), a wholly-owned subsidiary of China Merchants Bank, has joined hands with China’s leading blockchain solutions provider Nervos Blockchain. Together they announced the launch of a $50million blockchain fund dubbed InNervation.
The new fund aims to help early-age startups building blockchain-based user-centric products. InNervation’s investment focus will involve DeFi protocols, decentralized apps (DApps), DLTs, non-fungible tokens (NFTs) and much more. Basically, the fund aims to target projects that are building on the Nervos platform or either plan to integrate in the future.
Nervos, China’s leading blockchain platform is a Layer 1, Proof-of-Work, public permissionless blockchain protocol. The protocol also enables smart contracts and layer-two scaling solutions. Besides, it can store any crypto asset with the same security and immutability as Bitcoin.
Nervos launched its blockchain network two years back in 2019. Also, CMBI was an early investor in this project. However, the recent collaboration means an active involvement of both players to take the blockchain ecosystem ahead. Samuel Wang, Chief Investment Officer at CMB International said:
“As early supporters of Nervos, we’ve worked closely with the team both as partners and investors. They’ve made no compromises in building their infrastructure, and we are committed to supporting Nervos and the expansion of its dApp ecosystem.”
As said CMBI will play the role of a strategic partner to help boost the Nervos ecosystem. Besides, it will also play an active role in the fund’s investment decisions. CMBI and Nervos will co-manage the fund with a focus on some real-world applications.
Nervos Steering the Scope of Blockchain Applications
Apart from just FinTech applications, blockchain has been making inroads across multiple industries. This includes media, consumer apps and other enterprise software. As more and more blockchain applications come to the market, InNervation will fund developers and businesses to build innovative solutions that appeal to the masses.
The investments from the $50 million fund will be allocated during a three-year period. Startups building on Nervos will receive an initial investment anywhere between $200,000 and $2,000,000. Besides, the fund will also make investments in startups and projects planning to integrate with Nervos in the long term. Kevin Wang, 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. 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.”
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