CMB International, Nervos Launch $50M Blockchain Fund
- Priority will be given to projects that are either building on Nervos, or have plans to migrate or integrate the blockchain into their products.
- The average investment will be between $200,000 and $2 million, with focus on projects developing dapps, DeFi protocols, and NFT marketplaces.
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Nervos Foundation has partnered up with CMB International (CMBI), a wholly-owned subsidiary of China Merchant Bank, to launch a $50 million fund focused on blockchain technology, Nervos said in a press release on 18 May.
Called InNervation, the new fund will be an early investor in startups that are developing blockchain-based products for the Nervos blockchain, or have plans to integrate Nervos into their offering. The jointly launched fund will have a particular focus on decentralized applications (dapp), decentralized finance (DeFi), non-fungible token (NFT) marketplaces, and blockchain platforms. The co-founder of Nervos, Kevin Wang, said in a statement:
“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 $50 million fund will deploy its capital in the next three years, with the initial investments into startups being between $200,000 and $2 million. Projects will not only receive funding, but will also be provided access to a suite of Nervos layer-2 tools — that were previously in development and are now ready for use — including a decentralized exchange, an EVM-compatible layer called Polyjuice, and a permissionless rollup framework called Godwoken.
Nervos has been working together with CMBI since 2019, when the two partnered to jointly develop dapps for financial services. The blockchain project is based on Layer-1 Proof-of-Work (PoW) public permissionless protocol, and claims to have the same security and immutability as Bitcoin. Force Bridge, a cross-chain bridge announced in Q4 2020, is expected to extend cross-chain support for Bitcoin, Tron, EOS, and Polkadot by the end of Q2 2021.
This is not the first grants fund targeted at accelerating the development of Nervos. Back in January 2020 — shortly after Nervos launched its Common Knowledge Base (CKB) blockchain network — the firm launched a $30 million grants program with focus on infrastructure development i.e. client protocols, IDE, cross-chain interoperability, smart contract language and tooling.
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