Chinese crypto startup Nervos raises $28m in funding
Chinese blockchain startup Nervos Network raised $28m in strategic investment from major investors the firm announced on Wednesday to help it ramp up its hybrid blockchain network for enterprise.
Investors in the funding round were key partners including Polychain Capital, Sequoia China, Wanxiang Blockchain, FBG Capital, Blockchain Capital and Matrix Partners China.
Nervos said the funding would be used specifically to expand its product and engineering team to help speed up the development of its enterprise blockchain infrastructure.
Jan Xie, a former ethereum foundation developer is a co-founder of the firm, which aims to create its own public blockchain network, also dubbed Nervos.
Blockchain allows public and private
Utilising a hybrid approach that will combine a public blockchain with an application chain, Nervos hopes to resolve the biggest barriers for enterprise users to adopt blockchain scalability, security and the complexity that accompanies its use.
Nervos said: “We started Nervos with a mission to solve one of the biggest barriers to enterprise user adoption: existing blockchain infrastructures are inadequate for enterprise use because they cannot simultaneously meet both security and performance requirements of enterprises.”
Nervos plans to use the funding to build infrastructure that will allow enterprises to lower the cost of developing and deploying blockchain applications. It will use an innovative layered architectural design, which consists of a secured public chain and a high-performance application chain. By leveraging both layers, it means that a company would not have to commit their entire tech stack to the blockchain but could allow some areas of their business accessible on the larger public chain while keeping other areas internal.