China Merchants Bank (CMB) and Nervos continue their cooperation to establish a $50 million blockchain fund

According to The Block, China Merchants International (CMBI), which has been working with each other for two years, will partner with public blockchain project Nervos Network to launch a $50 million blockchain fund, "InNervation," Will focus on developing decentralized application development with (or integrated with) the Nervos blockchain ecosystem." Specifically,

will focus on developing markets including DeFi protocols, blockchain platforms, NFT... Nervos and China Merchants International (CMBI) may also be used to develop joint projects. The money was raised in U.S. dollars as a for-profit fund, according to officials.

InNervation invests over three years, with an average initial capital of between $200,000 and $2 million. In addition to the financial investment, CMB International and the Nervos Foundation are also looking forward to providing access to Nervos tools, including decentralized exchanges, Ethereum compatibility layer "Polyjuice" on CKB, and rollup framework "Godwoken" on CKB. In fact, China Merchants International (CMBI) and Nervos have been working together since 2019 to announce the development of financial decentralized applications related to payments, tokenization and authentication. Nervos, Cosmos, NuCypher and PolkaDot were selected by Bloomberg as the top four blockchain projects of the year. Nervos is different from other public chains in that it adopts layered architecture design of blockchain. Layer 1 does validation and storage, while Layer 2 focuses on usage performance and speed. At that time, the cooperation between China Merchants International and Nervos was the first time for a traditional bank to step across the public chain. In addition to Nervos, China Merchants International's other blockchain investment projects include dForce Network. Blockchain technology company Cryptape and cryptocurrency wallet maker Bitpie.