On November 27, CGV, a Japanese crypto investment firm, announced a significant investment in the fast-rising Blast ecosystem. This $5 million investment is part of a collaborative effort to foster the growth and development of the Blast network, a Layer 2 solution leveraging Optimistic Rollup technology and boasting Ethereum compatibility. The Blast network has quickly made a name for itself in crypto, attracting major venture capital interest.
CGV’s investment follows on the heels of a successful $20 million funding round for Blast, with notable contributions from industry heavyweights such as Paradigm, Standard Crypto, and Mechanism Capital. Blast’s team, led by Blur’s founder Pacman, is a collective of experts from prestigious institutions like MakerDAO, MIT, Yale University, and Seoul National University, ensuring a strong foundation of industry and academic experience.
Rapid growth and industry confidence
Since its launch on November 21st, Blast has demonstrated remarkable market traction, achieving a Total Value Locked (TVL) of $230 million within just 48 hours. This swift accumulation of capital and over 50,000 cumulative users underscores the market’s strong interest and confidence in Blast’s potential.
Steve, the founder of CGV, expressed his firm’s confidence in the future of Blast, highlighting its Ethereum Virtual Machine (EVM) compatibility and the extensive support resources available for developers. This environment is expected to attract many developers and users, further enriching the Blast ecosystem. Steve emphasized CGV’s commitment to actively participating in the ecosystem’s construction, contributing to broader innovation and progress in the crypto and Web3 spaces.
Kevin Ren, CGV Asia Partner, shed light on Blast’s unique positioning as an innovative Layer 2 solution, distinguishing itself as the only Ethereum L2 offering native earnings in ETH and stablecoins. This feature allows any EVM DApp developer to migrate to Blast, simplifying the transition process seamlessly.
Strategic support and global reach
The $5 million from CGV will be exclusively allocated to incubate and invest in innovative projects within the Blast network ecosystem. This initiative encompasses various sectors, including emerging crypto asset protocols, DeFi, NFTs, Real-World Assets (RWA), GameFi, and more. CGV plans to organize and select high-quality projects for participation in the Blast ecosystem, sharing early returns and fostering a collaborative environment.
Notably, standout projects will have the opportunity to receive financial support from CGV and access a broad network of resources and connections spanning Japan, the United States, Hong Kong, Singapore, and other regions. This global reach underscores CGV’s commitment to fostering a diverse and interconnected ecosystem.
CGV also invites collaboration with more institutions, communities, and projects supporting the Blast ecosystem. This collective effort aims to drive the development and expansion of Blast, leveraging CGV’s network and resources.
Also, CGV has successfully orchestrated two editions of the Japan Web3 Hackathon (TWSH), with backing from the Japanese Ministry of Education, Culture, Sports, Science and Technology, Keio University, NTT Docomo, among others. CGV maintains a global presence with branches in Hong Kong, Singapore, New York, and other key regions
Source: https://www.cryptopolitan.com/cgv-invests-5-million-in-blasts-layer-2/