Chinese Blockchain Nervos Raises $28M Off Top Crypto Funds
A new Chinese blockchain protocol, Nervos, has raised $28 million in an early-stage private funding round involving leading cryptocurrency and blockchain-focused investment firms from Silicon Valley and China.
Nervos – a project of the Nervos Foundation – is based in both China and the United States (explaining the transnational investor interest). The Foundation is officially headquartered in Hangzhou, one of the world’s most pro-blockchain cities.
Earlier this year, the Hangzhou government made known its plans to launch a ~$1.6 billion blockchain fund, construct an industrial park for blockchain-based enterprise, and establish a blockchain development institution.
Nervos Impresses Top Crypto Funds
There were many familiar names who partook in Nervos’ Series A funding round; almost all of which were crypto-exclusive investment firms.
Some notable Silicon Valley-based investment funds that participated were Olaf Carlson-Wee’s Polychain Capital, Dekrypt Capital, 500 Startups, 1confirmation, and Passport Capital.
Moving across the North Pacific to China, and some of their largest crypto investment companies were also active in the early-stage funding round. Such names included FBG Capital, Sequoia Capital China, and Matrix Partners China.
Huobi Capital – the investment arm of the Huobi Global crypto exchange giant – was another who participated in the raise that will accelerate the creation of the next-generation blockchain.
The world’s largest Ethereum wallet, imToken – who raised $10 million on May 30 – also invested in Nervos. Notably, one of the co-founders of the Nervos Foundation, Daniel Lv, is the former CTO of imToken.
— Nervos Network (@NervosNetwork) July 2, 2018
The Nervos Network Quartet
According to their website, the Nervos Foundation was co-founded by: Jan Xie (Chief Architect), Terry Tai (CEO, Director), Daniel Lv (Director), and Kevin Wang (Director).
One of Nervos’ two strategic partners is Cryptape; a firm founded by Xie which specializes in blockchain technology. Notably, five other members of Cryptape have followed Xie over to Nervos.
What’s Different About Nervos?
Once built, Nervos promises to represent a suite of scalable and interoperable protocols. As the table from their whitepaper draft (pg. 3) depicts below, their technology goes beyond distributed ledgers and smart contracts.
What, then, is underpinning Nervos? A dual-layered architecture; the bottom of which is what they call the ‘Common Knowledge Base (CKB)’.
For those wanting more information, please read through Nervos’ draft whitepaper.