The Japanese Crypto Fund CGV will Invest $5 Million in Blast Ecosystem

Published: November 27, 2023 at 9:08 am Updated: November 27, 2023 at 9:08 am

In Brief

On November 27th, Japanese crypto investment firm CGV announced a $5 million special investment in the Blast ecosystem, aiming to collaboratively advance the development of the Blast network.

Blast, a Layer 2 solution based on Optimistic Rollup technology and Ethereum-compatible, has successfully garnered $20 million in funding from prominent venture capital firms such as Paradigm, Standard Crypto and Mechanism Capital

The experienced Blast team, led by Pacman — founder of Blur, includes individuals from reputable institutions like MakerDAO, MIT, Yale University, and Seoul National University.

The project recently achieved an impressive Total Value Locked (TVL) of $230 million within a mere 48 hours since its launch on November 21, attracting over 50,000 cumulative users.

CGV founder Steve has expressed unwavering confidence in Blast’s future. He highlighted Blast’s compatibility with the Ethereum Virtual Machine (EVM) and the robust support resources provided for developers, anticipating increased developer and user engagement to foster growth in the Blast ecosystem.

Steve emphasized CGV’s active participation in the construction of the Blast ecosystem, aiming to contribute to innovation and progress in the broader crypto and Web3 space.

According to Kevin Ren, CGV Asia Partner, Blast distinguishes itself as the sole Ethereum Layer 2 solution with native earnings in Ethereum and stablecoins. Ren asserts that any Ethereum Virtual Machine Decentralized Application (EVM DApp) developer can seamlessly transition to Blast.

The $5 million in specialized support from CGV will be exclusively allocated to incubate and invest in innovative projects within the Blast network ecosystem, spanning various domains such as emerging crypto asset protocols, DeFi, NFTs, RWA, and GameFi. CGV will meticulously curate and select high-quality projects to partake in the development of the Blast ecosystem, sharing early returns from the platform.

Notably, outstanding projects stand to not only receive financial backing from CGV but will also gain access to resources and connections in pivotal regions such as Japan, the United States, Hong Kong, Singapore and beyond.

CGV extends a warm invitation for collaboration from institutions, communities, and projects aligned with Blast, fostering collective efforts to propel the development and expansion of the Blast ecosystem.

About CGV:

CGV (Cryptogram Venture) is a crypto investment firm headquartered in Tokyo, Japan, investing in and incubating the licensed Japanese yen stablecoin JPYW. CGV FoF is an LP in several globally renowned crypto funds. Since 2022, CGV has successfully organized two editions of the Japan Web3 Hackathon (TWSH), with joint support from institutions and experts such as the Japanese Ministry of Education, Culture, Sports, Science and Technology, Keio University, NTT Docomo, and more. Currently, CGV has branches in Hong Kong, Singapore, New York, and other regions.

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