Chinese enterprise blockchain startup Nervos Network has raised $28 million from Polychain Capital and Sequoia China, joined by a long list of other blockchain investment firms including Wanxiang Blockchain (万向区块链), FBG Capital, Blockchain Capital, and Dekrypt Capital.

China’s blockchain industry has been growing rapidly over the past year and investors are pouring capital into blockchain and crypto companies. According to a recent blockchain investment report (in Chinese) released by China Venture, the number of blockchain companies in China has been rising for six consecutive years. From the beginning of 2018 to April, investment raised by blockchain companies totaled to more than RMB 6.3 billion, way ahead of the previous year in terms of scale and frequency.

As the company’s press release states, the new funding will be used to expand its product and engineering teams, accelerate the development of its enterprise blockchain technologies, as well as ramp up strategic partnerships.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.