Japan-based CGV fund invests $5 million in L2 “Blast” ecosystem

“Promoting the Blast Network”

Japan-based Web3 investment firm Cryptogram Venture (CGV) announced on the 27th that it will invest $5 million in the new Ethereum L2 platform “Blast” ecosystem.

CGV is a “crypto FoF (Fund of Funds)” type organization, with its headquarters in Japan as well as branch offices in Singapore, Canada, and China. So far, we have not only invested in overseas projects such as Republic, CasperLabs, AlchemyPay, The Graph, Bitkeep, Pocket, Powerpool, Mechaverse, and FTX, but also invested in and incubated the domestic project Japanese Yen Stablecoin JPYW.

connection:Global strategy and investment strategy discussed by CGV Fund Partner, a Web3 specialized investment company

Commenting on this investment in the Blast ecosystem, CGV founder Steve expressed confidence in Blast’s future potential, highlighting EVM compatibility and the support resources provided to developers, adding to the growing and diverse ecosystem. Hoping to attract more developers and users to promote sex. He also mentioned that he will actively participate in building Blast’s ecosystem.

Future Blast-based projects will not only have the opportunity to receive financial support from CGV, but will also be provided with resources and connections in Japan, the United States, Hong Kong, Singapore, and other regions.

Concerns about Blast

Blast is a new network launched last week by Pacman, founder of NFT aggregation marketplace Blur, and has received a 3 billion yen investment from prominent investment firms including Paradigm and Standard Crypto.

On the other hand, the community and experts have pointed out this issue from the beginning due to the fact that we opened one-way deposits to the beta version of Blast from the beginning without opening the testnet, and the lack of transparency regarding the identity of the five anonymous accounts in the multisig contract. is recieving.

connection: Blur founder’s L2 “Blast” collects 60 billion yen, community concerns about transparency increase rapidly

In addition, Paradigm, which led the procurement, revealed in its latest post that it did not agree with Blast’s decision to launch a one-way bridge before the mainnet and make withdrawals impossible for three months. “Marketing is detracting from the team effort.”

There are a lot of components of Blast that I’m excited about and would be interested in engaging with people on. That said, we at Paradigm think the announcement this week crossed lines in both messaging and execution. For example, we don’t agree with the decision to launch the…

— Dan Robinson (@danrobinson) November 26, 2023

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