Nervos Network, a next-generation blockchain network for enterprise, announced on Wednesday a capital raise of $28 million USD from a host of investors including Polychain Capital, Sequoia China, FBG Capital, Dekrypt Capital, Wanxiang Blockchain, Blockchain Capital, Multicoin Capital, 1confirmation, Matrix Partners China, 1kx, and others. The company intends to use the fresh capital to accelerate development of its blockchain enterprise solution, grow its product and engineering teams, and pursue additional strategic partnerships.
Co-Founder and Chief Architect of Nervos Jan Xie said, “While there are undeniable benefits for enterprises that utilize blockchain technology to innovate and improve existing systems, enterprise adoption has been held back by a host of challenges like scalability, security and complexity. The new funding will allow us to move full speed ahead as we build an infrastructure that will allow enterprises to reduce the costs of developing and deploying blockchain applications.”
Nervos has built a hybrid solution, combining the best elements of an application chain, which prioritizes permissionless access for the sake of transaction speed and throughput, and a public blockchain that puts a premium on security at the expense of speed, allowing enterprises to build and deploy distributed applications without needing to apply blockchain to their entire IT stack. The aim is to provide a solution to the oft-cited disconnect between security and performance requirements offered by existing blockchain implementations. The Nervos offering is using an innovative layered architecture design that allows the business to provide a complete set of real-world solutions for enterprises seeking to integrate blockchain into their organizations.
Founder and CEO of Polychain Capital Olaf Carlson-Wee said, “We are excited by some of the activity happening in the Chinese crypto ecosystem and have been impressed by the Nervos team and their approach to building a high-performance blockchain. We think Nervos could become one of the leading major ecosystems and may spawn an array of opportunities. We are excited to partner closely with this talented team and support their outlier growth.”
- FED Chairman Offers Lukewarm Response On Impact, Utility Of Existing Cryptocurrencies - July 20, 2018
- Boeing Brings In SparkCognition For Help Developing UAV Management Systems - July 19, 2018
- Nervos Network Nets Nearly $30 Million To Build Hybrid Blockchain Platform For Enterprise - July 19, 2018
- Chinese Blockchain Companies Continue To Flourish, If Only In Name - July 18, 2018
- G20 Report Outlines International Collaboration On Standards For Crypto-Assets - July 17, 2018
- Hong Kong Readies Regulator-Backed Trade Finance Platform - July 17, 2018
- RMB to BTC Trading Falls To 1%. Is China Really Out Of The Crypto Game? - July 16, 2018
- Chinese Internet Trends May Spell Trouble For “Disruptive” Crypto Payments - July 13, 2018
- LINE Plans July Cryptocurrency Exchange Launch - July 3, 2018
- McAfee Labs Report 6x Increase in Crypto Mining Malware Incidents in Q1 2018 - June 29, 2018
- Facebook Updates Policy To Allow Vetted Crypto Businesses to Advertise, ICOs Still Banned - June 27, 2018
- Following in Vitalik’s Footsteps? Polkadot’s Habermeier Awarded Thiel Fellowship - June 26, 2018
- SingularityNET and Project Shivom Using AI on Genomic Data to Extend Human Life - June 26, 2018
- Microsoft & EY partner for Royalty Distribution in Gaming - June 26, 2018
- ABBC Foundation to Airdrop ABBC Tokens to First 500,000 Wallet Users - June 25, 2018
- Care Records of up to 30 Million UK NHS Patients go on Blockchain - June 25, 2018
- PundiX Signs UTRUST as Liquidity Clearing Provider for Crypto POS Hardware - June 22, 2018
- Blockchain on the Ballot: Indie Party Candidate Joins Texas Senate Race - June 21, 2018
- IONChain Aims to Challenge IOTA on a Chinese Battleground - June 19, 2018
- Takeaways From SEC Director’s Comments on Cryptocurrencies and Securities - June 19, 2018