The Japanese crypto fund CGV is set to invest $5 million into Blast ecosystem
On November 27th, Japanese crypto investment firm CGV announced a $5 million special investment in the Blast ecosystem, aiming to collaboratively advance the development of the Blast network.
Blast is a Layer 2 solution based on Optimistic Rollup technology and compatible with Ethereum. Contributors to Blast have raised $20 million from VCs like Paradigm, Standard Crypto, Mechanism Capital, among others. The Blast team, led by Blur’s founder Pacman, includes members from MakerDAO, MIT, Yale University, and Seoul National University, bringing extensive industry experience. Since its launch on November 21st, Blast achieved a TVL of $230 million within 48 hours, with over 50,000 cumulative users.
CGV founder Steve expresses confidence in Blast’s future, emphasizing the EVM compatibility and the support resources provided for developers, expecting to attract more developers and users to foster the prosperity and diversity of the Blast ecosystem. He states that CGV will actively participate in the construction of the Blast ecosystem, contributing to innovation and progress in the broader crypto and Web3 space.
According to CGV Asia Partner Kevin Ren, as an innovative Layer 2 solution, Blast positions itself as the only Ethereum L2 with native earnings in ETH and stablecoins. Any EVM DApp developer can easily migrate to Blast. The $5 million in specialized support from CGV will be entirely dedicated to incubating and investing in innovative projects in the Blast network ecosystem, spanning emerging crypto asset protocols, DeFi, NFTs, RWA, GameFi, and more. CGV will organize and select high-quality projects to participate in the Blast ecosystem development, sharing early returns from the Blast ecosystem.
Notably, outstanding projects not only have the opportunity to receive CGV financial support but also gain access to resources and connections in Japan, the United States, Hong Kong, Singapore, and other regions.
CGV welcomes collaboration from more institutions, communities, and projects supporting Blast to collectively drive the development and expansion of the Blast ecosystem.
About CGV:
CGV (Cryptogram Venture) is a crypto investment firm headquartered in Tokyo, Japan, investing in and incubating the licensed Japanese yen stablecoin JPYW. CGV FoF is an LP in several globally renowned crypto funds. Since 2022, CGV has successfully organized two editions of the Japan Web3 Hackathon (TWSH), with joint support from institutions and experts such as the Japanese Ministry of Education, Culture, Sports, Science and Technology, Keio University, NTT Docomo, and more. Currently, CGV has branches in Hong Kong, Singapore, New York, and other regions.
