CMB International announced a joint $50M blockchain fund with the collaboration of Nervos Foundation. The new fund is named InNervation that focuses on helping new teams grow in the cryptocurrency and blockchain industries.
Decentralized applications are the main focus area for InNervation and will help new startups build user-friendly decentralized applications. Numerous kinds of dApps will be supported in the new blockchain fund.
More Opportunity for Blockchain Teams
Blockchain startups are emerging all over the world. They focus on different real-world problems and try to solve them in an efficient decentralized way. Decentralized applications can become the first choice for more people in the near future.
It’s the reason we see various funds from blockchain companies that help new startups grow faster. Nervos is the latest foundation to launch an ecosystem fund to help blockchain startups. The new $50M fund is the result of a partnership between them and CMBI, a wholly-owned subsidiary of China Merchants Bank.
The new joint fund from Nervos Foundation and CMBI focuses on different reams with various goals. According to the announcement, InNervation’s investment focus will include decentralized applications (dApps), decentralized finance (DeFi) protocols, distributed ledger platforms, non-fungible token (NFT) marketplaces, and many more.
InNervation fund is the first joint fund between a financial institution and a layer one blockchain. It shows the blockchain industry is on the right path. The blockchain companies have been successful in attracting traditional financial institutions and are now working with them in providing funds to other startups. Nervos is one of the most famous blockchains in China and has been successful in working with various organizations. Kevin Wang, the co-founder of Nervos, said about the latest partnership:
“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.”
The InNervation fund isn’t limited to investment and financial aid. The chosen startups will have access to Nervos blockchain tools that will help them develop dApps faster and distribute them with more efficiency. Nervos blockchain offers a DEX, an EVM-compatible layer, and many more tools.
The latest joint fund is another effort from Nervos blockchain to grow the overall blockchain ecosystem. The blockchain focuses on providing decentralized infrastructure and plans to attract as many new teams as possible to it. It’s the reason we see the Nervos Foundation support blockchain teams a lot.
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