Blast Network Surpasses $570M TVL, Secures $5M Investment from Japanese Crypto Firm CGV

Japanese crypto investment firm CGV announced a groundbreaking $5 million investment in the Blast ecosystem on November 27th. This investment aims to catapult the development of the Blast network, a Layer 2 solution rooted in Optimistic Rollup technology and Ethereum compatibility.

Blast has been the subject of considerable attention since its inception, attracting a hefty $20 million from prominent venture capitalists such as Paradigm, Standard Crypto, and Mechanism Capital, signaling widespread confidence in its potential. The brainchild of Blur’s founder, Pacman, the Blast team comprises luminaries from MakerDAO, MIT, Yale University, and Seoul National University, boasting extensive industry expertise.

Within a staggering week of its November 21st launch, Blast soared to a Total Value Locked (TVL) of $571 million, amassing an impressive user base of over 50,000 individuals, showcasing its rapid adoption and appeal within the crypto sphere.

Source: DefilLama

CGV founder Steve expressed unwavering confidence in Blast’s trajectory, highlighting its Ethereum Virtual Machine (EVM) compatibility and the comprehensive support structure it offers to developers. This support structure, he believes, will magnetize more developers and users, fostering a flourishing and diverse Blast ecosystem. Steve affirmed CGV’s active involvement in nurturing the Blast ecosystem, contributing to the evolution of the broader crypto and Web3 landscape.

Kevin Ren, CGV Asia Partner, accentuated Blast’s unique proposition as the sole Ethereum Layer 2 solution facilitating native earnings in ETH and stablecoins. Ren emphasized Blast’s seamless migration process for any EVM DApp developer. The earmarked $5 million from CGV is designated solely for incubating and investing in pioneering projects within the Blast network ecosystem, spanning diverse realms like emerging crypto asset protocols, DeFi, NFTs, RWA, and GameFi.

The collaboration with CGV extends beyond financial backing; standout projects stand to gain access to valuable resources and connections in key regions like Japan, the United States, Hong Kong, Singapore, and more.

CGV’s call for collaboration echoes its ethos of collective advancement, welcoming contributions from institutions, communities, and projects supporting Blast. This collective endeavor aims to propel the development and expansion of the Blast ecosystem, heralding a new chapter in crypto innovation and inclusivity.

Noteworthy for its contributions to the crypto space, CGV, headquartered in Tokyo, has an illustrious track record, incubating the licensed Japanese yen stablecoin JPYW. With branches spanning Hong Kong, Singapore, New York, and beyond, CGV’s influence extends across global crypto markets.

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