Blockchain Startup Backed By Sequoia China Polychain In $28 Million Funding Round
Blockchain startup Nervos Network has reportedly finished a $28 million Series A funding round. Major hedge funds firms which were involved were Sequoia China, Polychain (token-focussed hedge funds), and Blockchain startups like Wanxiang Blockchain, Bixin and imToken and others.
The startup aims at creating its own public blockchain network which will be called Nervos. The newly earned financing will be put to utilize for extending Nervos’ product and engineering group with the purpose of accelerating the advancement of its own enterprise blockchain foundation, the firm said.
To resolve the common Blockchain issues of scalability and security together, Nervos could be the potential answer. They have proposed a solution where with the help of a mixed approach encompassing a public blockchain and another layer of an ‘application chain’ could overcome the problem. This method allows companies to develop decentralized applications on top of a secure public network. To remove the need for enterprises to commit their entire tech stack for this purpose, it will allow them to run the applications in the application chain layer simultaneously.
“While there are undeniable benefits for enterprises that utilize blockchain technology to innovate and improve existing systems, enterprise adoption has been held back by a host of challenges like scalability, security, and complexity,” said Jan Xie , Co-founder of Nervos Network who was a former Ethereum foundation developer and has authored the Ruby implementation.
Before investing in Nervos Network, the firm’s participation in Bitcoin mining giant Bitmain’s Series B round funding was witnessed.
Similarly, Polychain has also been an active participant where earlier in 2018 they invested in a Swiss Blockchain startup’s $61 million funding round along with Andreessen Horowitz.