- China Merchants Bank International partnered with blockchain network Nervos
- They will launch InNervation — a 50 million dollar fund
- The fund will focus on early and growth-stage startups building decentralized applications
Open-source public blockchain network Nervos recently announced a partnership with China Merchants Bank International, a subsidiary of China Merchants Bank. The partnership will be to launch a fund called InNervation. This fund will allocate 50 million dollars for early and growth-stage startups that build decentralized applications.
🗣 BIG NEWS
— Nervos (@NervosNetwork) May 19, 2021
According to Nervos, the project will focus on decentralized applications (dApps), decentralized finance (DeFi) protocols, distributed ledger platforms, non-fungible token (NFT) marketplaces, and more.
The firm believes that as more technologies go from centralized to decentralized, the InNervation project will focus on funding entrepreneurs to develop blockchain-based innovative infrastructures.
InNervation claims to be “the first joint investment fund between a prominent financial institution and a layer 1 blockchain.” Their goal for funding the developers is to appeal to the mainstream audience — that will speed up the overall blockchain adoption.
Samuel Wang, Chief Investment Officer at CMB International said that:
As early supporters of Nervos, we’ve worked closely with the team both as partners and investors.
Wang also expressed his confidence in Nervos. According to Wang, Nervos made no compromises in building their infrastructure. He added that CMBI is committed to supporting Nervos and the expansion of the firm’s decentralized applications ecosystem.