Nervos Network raises $28m for blockchain project

US and China-based Nervos Network has completed a Series A funding round with $28 million (£21.5 million) in private financing led by Sequoia Capital China, Wanxiang Blockchain and Polychain.

The money will be used to accelerate the development of business blockchain solutions designed for enterprise applications to support an encrypted economic network.

Nervos provides a hybrid solution that combines the benefits of the public and application chains enabling businesses to build and deploy decentralised applications without requiring a blockchain infrastructure of their own.

“There is no doubt about the benefits to the enterprise by using blockchain technology to innovate or improve existing systems, but in actual application scenarios, there are many difficulties in the popularisation of blockchain technology, such as scalability and complexity,” says Jan Xie, Chief Architect and Co-founder of Nervos Network, adding: “we are committed to minimising the cost of developing and deploying blockchain applications.”