China’s Nervos Network has launched $5 Mln funds to assist projects building decentralized exchanges, lending platforms, along with other DeFi protocols.
In line with a recent official announcement on 10th Feb. from Nervos, the fund is going to provide cash grants and direct assistance to fintech as well as blockchain entrepreneurs.
Additionally, Nervos is looking to back Defi teams building trustless decentralized exchanges, synthetic asset solutions, identity protocols, lending solutions, prioritizing projects striving for interoperability across several blockchain networks.
Grant applicants building on the Nervous blockchain will also be eligible to receive hands-on support from Nervos’ core developer team.
Nervos is a Chinese-based open-source public blockchain that permits layer-two scaling solutions and is getting to build a “universal, Internet-like public network.”
Nervos described the fund as a response to “backlash and controversy” regarding the centralized finance sector. Earlier also, a retail-driven short-squeeze targeting the stock of struggling game retailer GameStop saw Robinhood and other mainstream trading platforms suspend trading within the shares
The co-founder of Nervos, Kevin Wang, explained:
“People are getting increasingly curious about blockchain and cryptocurrencies due to the barriers in traditional finance, but users are also ready to easily transact on the blockchain for the space to grow and scale.”
Nervos also emphasized the “antiquated” systems underpinning legacy trading systems, like centralized governance as well as inefficient settlement processes.
Nervos launched its CKB blockchain earlier in 2019 with the intention of scalability. The project sought to focus on DeFi and asset tokenization from inception and launched its CKB foundation to support developers working to enhance the safety, decentralization, and speed of the DeFi ecosystem.
Last year saw Nervos emphasize interoperability, launching a bridge between Ethereum and therefore the CKB network earlier in December, and a “universal passport” permitting developers to program for multiple blockchains via one interface within the same month.
Nervos was also among the primary cohort of permissionless blockchains to collaborate with China’s Blockchain Service Network earlier last year.