The Japanese cryptocurrency investment firm CGV is making headlines with its $5 million commitment to the Blast ecosystem.
In Brief
On November 27, the Japanese crypto investment firm CGV unveiled a $5 million investment focused on boosting the development efforts of the Blast ecosystem, underscoring a commitment to innovation.
Blast , a Layer 2 solution utilizing Optimistic Rollup technology and designed to be compatible with Ethereum, has already attracted a staggering $20 million from top-tier venture capital firms including Paradigm, Standard Crypto, and Mechanism Capital.
The adept team at Blast, spearheaded by Pacman, the visionary behind Blur, comprises talent from esteemed institutions such as MakerDAO, MIT, Yale, and Seoul National University.
Just days after its launch on November 21, the project achieved a remarkable Total Value Locked (TVL) of $230 million, drawing in more than 50,000 users in a very short span.
Steve, the founder of CGV, has expressed strong optimism about the future of Blast, noting its compatibility with the Ethereum Virtual Machine (EVM) and the comprehensive support it offers developers, which is expected to drive greater engagement from both developers and users.
Steve highlighted CGV's proactive involvement in building the Blast ecosystem, with the goal of driving innovation and advancement within the wider crypto and Web3 landscapes.
According to Kevin Ren , according to CGV Asia Partner, Blast stands out as the only Ethereum Layer 2 solution that facilitates native earnings in both Ethereum and stablecoins. Ren points out that developers of Ethereum Virtual Machine Decentralized Applications (EVM DApps) will find it easy to transition to the Blast framework.
The $5 million specifically allocated by CGV will be directed towards nurturing and investing in pioneering projects within the Blast network, covering a diverse range of fields like new crypto asset protocols, DeFi, NFTs, Real World Assets (RWA), and GameFi. CGV plans to meticulously choose projects that demonstrate quality and potential to join in the progress of the Blast ecosystem, sharing early profits generated from the platform.
Notably, exceptional projects will not only receive financial support from CGV but will also gain access to invaluable resources and networks in key regions such as Japan, the United States, Hong Kong, Singapore, and beyond.
CGV enthusiastically invites collaboration from organizations, communities, and ventures that align with Blast, striving to foster collective actions to facilitate the growth and reach of the Blast ecosystem.
About CGV:
CGV (Cryptogram Venture), headquartered in Tokyo, Japan, specializes in crypto investments and incubates the licensed Japanese yen stablecoin, JPYW. Their fund of funds (FoF) has stakes in several globally recognized crypto funds. Since 2022, CGV has successfully run two editions of the Japan Web3 Hackathon (TWSH), backed by notable institutions and experts, including Japan's Ministry of Education, Culture, Sports, Science and Technology, Keio University, and NTT Docomo. Currently, CGV operates branches in key locales such as Hong Kong, Singapore, New York, and more.
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