[Japanese company CGV invests US$5 million in Blast Network]
Japanese cryptocurrency investment company CGV recently invested $5 million in the just-launched Layer2 Blast to promote its further development. Blast has attracted attention for being backed by heavyweight investors including Paradigm, Standard Crypto, and Mechanism Capital, with a total investment of $20 million. The project is led by Pacman, the founder of Blur, and the team members come from MakerDAO, MIT, Yale University and Seoul National University, with high-end backgrounds.
Since its launch on November 21, Blast has quickly risen in the crypto industry. Within just 48 hours of opening, its total value locked (TVL) reached $570 million, attracting more than 50,000 users. First-week inflows hit $310 million.
The founder of CGV is confident in Blast’s development prospects, especially emphasizing its compatibility with the Ethereum Virtual Machine (EVM) and the rich resources it provides developers. CGV Asia Partner Kevin Ren believes that Blast is unique in the Layer 2 industry and is the only platform that provides native income from Ethereum and stablecoins on Layer 2 of Ethereum.
CGV will use this $5 million investment to develop and invest in pioneer projects within the Blast network, covering multiple industries such as crypto asset protocols, DeFi, NFT, RWA, GameFi, etc.
