Japanese firm CGV invests $5m in Blast network

Japanese firm CGV invests $5 million in the newly launched Layer 2 solution Blast network.

The Japanese cryptocurrency investment firm CGV announced it has invested $5 million in the Blast network. This investment is part of a collaborative effort to further the development of this Layer 2 solution.

Blast has garnered significant attention in the venture capital world, with heavyweights like Paradigm, Standard Crypto and Mechanism Capital investing a collective $20 million. The project is spearheaded by Pacman, the founder of Blur, and boasts a team with impressive credentials from MakerDAO, MIT, Yale University and Seoul National University.

Blast has reached $570 Million in TVL within 1 week.

63,948 community members are now earning yield (~4% for ETH and 5% for stables) + Blast Points.

There’s been incredible inbound developer interest since launch. We’ll share more for devs soon as we march towards Mainnet! pic.twitter.com/F715z8mpDa

— Blast (@Blast_L2) November 27, 2023

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Since its launch on Nov. 21st, Blast has rapidly gained traction in the crypto space. Within just 48 hours of its launch, it achieved a Total Value Locked (TVL) of $570 million and has attracted over 50,000 users. On its debut week, Blast saw a massive inflow of $310 million.

The founder of CGV is bullish about Blast’s prospects, highlighting the ecosystem’s Ethereum Virtual Machine (EVM) compatibility and the extensive support resources available for developers. CGV’s Asia Partner, Kevin Ren, notes that Blast sets itself apart in the Layer 2 landscape by being the only Ethereum L2 offering native earnings in ETH and stablecoins.

The $5 million investment from CGV is earmarked for developing and investing in pioneering projects within the Blast network, covering a range of areas including crypto asset protocols, defi, NFTs, Real-World Assets (RWA), GameFi and more.

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