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Japanese company CGV invests $5 million in the Blast network, the recently launched layer 2 solution.
Japanese cryptocurrency investment firm CGV announced that it has crypto-fund-cgv-is-set-to-invest-5-million-into-blast-ecosystem-4f3b65be8548″ target=”_blank” rel=”noopener”>invested 5 million dollars on the Blast network. This investment is part of a collaborative effort to promote the development of this Layer 2 solution.
Blast has attracted significant attention in the venture capital world, with heavyweights such as Paradigm, Standard crypto, and Mechanism Capital collectively investing $20 million. The project is headed by Pacman, the founder of Blur, and features a team with impressive credentials from MakerDAO, MIT, Yale University, and Seoul National University.
Since its launch on November 21, Blast has rapidly gained traction in the crypto space. In just 48 hours since its launch, it achieved a total value locked (TVL) of $570 million and has attracted more than 50,000 users. In its debut week, Blast recorded a massive intake of $310 million.
The CGV founder is optimistic about Blast’s prospects, highlighting the ecosystem’s ethereum virtual machine (EVM) compatibility and the extensive support resources available to developers. CGV Asian Partner Kevin Ren notes that Blast sets itself apart in the Layer 2 landscape by being the only ethereum L2 to offer native earnings on eth and stablecoins.
CGV’s $5 million investment is intended to develop and invest in pioneering projects within the Blast network, covering a variety of areas including cryptoasset protocols, defi, nft, real-world assets (RWA), GameFi and further.
