Japanese Crypto Investment Firm CGV Injects $5M into Blast Ecosystem

Bits Logics Team . 27th Nov 2023

• CGV announces a substantial $5 million investment for the Blast network.
• Since launch, Blast has boasted an impressive TVL of $230 million within just 48 hours, with over 50,000 users.
• CGV Asia Partner Kevin Ren highlights Blast as the only Ethereum Layer 2 solution with native earnings in ETH and stablecoins.

CGV, a prominent Japanese crypto investment firm, has announced a substantial $5 million special investment in the Blast ecosystem. The move is set to accelerate the collaborative advancement of the Blast network, a Layer 2 solution built on Optimistic Rollup technology and designed to be Ethereum-compatible.

In the press release, the team noted that within a remarkable 48 hours of its launch, Blast achieved a Total Value Locked (TVL) of $230 million, drawing in over 50,000 cumulative users. This rapid growth underscores the project’s potential and the strong confidence of both the community and investors.

CGV founder Steve expressed his optimism about Blast’s future, highlighting its Ethereum Virtual Machine (EVM) compatibility and the robust support resources provided for developers. He anticipates that these features will attract more developers and users, fostering the prosperity and diversity of the Blast ecosystem. Steve affirmed CGV’s active participation in the construction of the Blast ecosystem, aiming to contribute to innovation and progress in the broader crypto and Web3 spaces.

According to CGV Asia Partner Kevin Ren, Blast distinguishes itself as the only Ethereum Layer 2 solution with native earnings in ETH and stablecoins. Ren emphasized that any EVM DApp developer can easily migrate to Blast, making it an attractive option for those seeking seamless integration. The $5 million in specialized support from CGV will be dedicated to incubating and investing in innovative projects within the Blast network ecosystem, covering emerging crypto asset protocols, DeFi, NFTs, RWA, GameFi, and more.

CGV’s financial support goes beyond funding; outstanding projects within the Blast ecosystem will gain access to valuable resources and connections in key regions such as Japan, the United States, Hong Kong, Singapore, and others. As highlighted in the announcement, this strategic move aims to strengthen the global footprint of the Blast network and its associated projects.

CGV also opened an invitation for collaboration from institutions, communities, and projects that support Blast, aiming for a collective effort to drive the development and expansion of the Blast ecosystem. 

The Blast project, which launched on November 21st, has already gained significant traction, attracting $20 million in contributions from notable venture capital firms such as Paradigm, Standard Crypto, and Mechanism Capital. The Blast team, led by Pacman, the founder of Blur, comprises experts from esteemed institutions like MakerDAO, MIT, Yale University, and Seoul National University, boasting extensive industry experience.