Chinese Startup Raises $28 Million To Develop Blockchain Solutions

By Dmitriy

BTC Wires: The fresh Chinese crypto startup Nervos Network has recently secured $28 million in its bid to raise funds for its ambitious upcoming blockchain solutions project aimed at businesses and enterprises. It secured funds from well-known investors and crypto players such as Sequioa China, Wanxiang Blockchain, Ploychain Capital and Matrix Partners China.

According to Nervos co-founder Kevin Wang, there is an existing challenge in the blockchain industry in terms of flexibility and balance of different characteristics for example scalability, decentralisation, and security, as he told the media recently. It is apparent that Narvos is trying to build an ambitious project to address these major infrastructural issues in a single move.

The company is building a product which will tackle the security and performance aspects simultaneously, as Wang suggests that the company will build a blockchain solution that will allow businesses to connect to its public blockchain as well the private application chains.

This will give companies the liberty of choosing which aspect of their operations, they want to be listed in the broader publicly verifiable chains or which parts they want to keep private in their internal smaller application chains. This opens up potentials for businesses to utilise both channels effectively to distribute specific operations for example, the internal chain can be utilised for internal operations and public chain can be used for customer specific operations.

This was the latest in a series of investments that booming Chinese crypto market is witnessing. The founders of Nervos are no freshers either in this business as they all hail from major startups and companies in China, among them are the likes of IBM, Ethereum, ImToken crypto wallet and Yunbi cryptocurrency exchange.

The fund will be spent on expanding its team and its skill set, developing new products, accelerating the development of its blockchain enterprise solutions, and strengthen the company further by developing partnerships and infrastructure.

The company’s co-founder and chief architect Jan Xie recently told the press that he feels this investment will further boost the company’s progress to develop the​ dynamic blockchain products it intends to build and allow businesses and enterprises to reduce the expenditure in terms of building and deploying their blockchain systems. Further, Nervos Network has planned to launch their final product officially in May 2019.