The Nervos Foundation, a Chinese blockchain, announced a $50M investment fund in collaboration with CMB International. The fund, named “InNervation” is aimed at startups that are building user-friendly blockchain projects. For instance, decentralized finance (DeFi), NFT marketplaces and dApps.
Nervos is a Proof of Work-type blockchain, similar to Tezos. It includes layer-2 tools that make development easier. Examples include a decentralized exchange, and a technology called Polyjuice, which bridges the gap between their network and Ethereum.
Of particular note is the group’s technology called Force Bridge. This tool would allow Nervos to integrate seamlessly with Bitcoin, Tron, EOS and Polkadot.
Big investments in Nervos, with big rewards
The $50M fund will invest between $200,000 and $2M to support projects using the blockchain system, and spread across three years. This should allow time for new companies and projects to join the fray. While any startup can quality, preference will be given to those already working with Nervos.
CMB International, a wholly-owned subsidiary of China Merchants Bank, has been an early investor in the network since 2019. “We are committed to supporting Nervous and the expansion of its dApp ecosystem,” said CMBI’s Chief Investment Officer, Samuel Wang.
A formidable player in the field
It can sometimes be easy to forget just how diverse the NFT world is. Ethereum is seen as the “standard”, but there are more and more competitors every day. And sometimes, these competitors are backed by investors with very deep pockets. The Nervos Foundation’s investment gives developers yet another reason to branch out.
No timeline was given for awarding the first funds, but interested parties can sign up via the Nervos website.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
