Naxion Network by Nverse Inc. Secures Investment From Scaleup Ventures

Naxion Network by Nverse Inc. Secures Investment From Scaleup Ventures

Seoul, Korea South, 14th May 2024 - Naxion Network, a layer 1 blockchain developed by Nverse Inc., announced on May 14th that it has attracted investment from ScaleUp Ventures, a leading technology investment VC based in South Korea.

Since forming its genesis block in March 2021, Naxion Network has operated as a stable layer 1 blockchain without any errors. Naxion specializes in decentralized proof-of-work (PoW) consensus, utilizing its own block formation algorithm and secure node technology to minimize energy consumption for network maintenance. It boasts fast block formation rates averaging every 6 seconds and maintains network gas fees at 1/10000th the level of Ethereum, making it highly competitive.

ScaleUp Ventures, as a South Korea-based VC, focuses its investments on companies possessing market-leading technologies such as AI architecture design, fintech, easy payment solutions, security solutions, and AR solutions. With this investment in Naxion Network, ScaleUp Ventures aims to foster collaboration and synergy with existing portfolio companies and plans to continue investing in companies with blockchain application technologies like NFTs and DeFi based on its layer 1 investment experience.

The size of this investment has been decided to remain undisclosed by mutual agreement. Naxion Network plans to utilize this investment for projects including Naxion-based WEB3.0 Games, ecosystem development, community activation, and carbon reduction projects.

Charles Lee, Partner at ScaleUp Ventures who led this investment, stated, "Naxion's strength lies in its adherence to the fundamentals of blockchain, focusing on decentralization and security unlike recently emerged networks. We expect Naxion to enhance the data security of fintech companies ScaleUp Ventures has invested in and greatly assist content companies in transitioning to web3.0."

Daniel So, Founder of Naxion, expressed, “ScaleUp Ventures brings extensive experience in technology investment, making them a critical partner for Naxion's growth. Our goal is to collaborate with tech companies to foster a mainstream web3.0 ecosystem and establish ourselves as the safest blockchain in the market.”

Learn more at: https://www.naxion.net/

Media Contact

Organization: Naxion Network

Contact Person: Yunkwon So

Website: https://www.naxion.net/

Email: Send Email

City: Seoul

Country:Korea South

Release id:12081

The post Naxion Network by Nverse Inc. Secures Investment From Scaleup Ventures appeared first on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

file

Disclaimer: The views, recommendations, and opinions expressed in this content belong solely to the third-party experts. This site was not involved in the writing and production of this article.


Disclaimer Press Release Banner

Related News

Intuitive Design, Maximum Security - This Bitcoin Wallet Is for Everyone - Announces Bitamp
Grand News Network
June 10, 2024

Intuitive Design, Maximum Security - This Bitcoin Wallet Is...

Bitamp is a provider of open-source Bitcoin wallet solutions designed to empower users with secure and accessible cryptocurrency management tools. With a commitment to intuitive design and maximum sec...

Essay Guide Announces the Top Academic Writing Services for 2024
Grand News Network
January 16, 2024

Essay Guide Announces the Top Academic Writing Services for...

United States, 16th Jan 2024 – Essay Guide, a renowned website committed to academic writing excellence, has announced the results of its comprehensive research into essay and research paper writing s...

Imark Infotech Revolutionizes E-commerce SEO with Tailored Solutions
Grand News Network
May 4, 2024

Imark Infotech Revolutionizes E-commerce SEO with Tailored S...

United States, 4th May 2024, King NewsWire - Imark Infotech, a leading digital marketing agency based in the USA, is proud to announce its innovative strategies in e-commerce SEO, aimed at empowering...

Coinstore to list Humanity Protocol's SRS Token: Enhancing Financial Inclusion for the Unbanked
Grand News Network
July 3, 2024

Coinstore to list Humanity Protocol's SRS Token: Enhancing F...

Dubai, United Arab Emirates, 3rd Jul 2024 - Humanity Protocol is excited to announce the listing of the SRS Token on Coinstore, marking a significant milestone in enhancing financial empowerment globa...

Leading Investment Funds Launch SPC Vision: A New Era of Agricultural Innovation and Sustainability
Grand News Network
June 3, 2024

Leading Investment Funds Launch SPC Vision: A New Era of Agr...

Cayman Islands, 3rd Jun 2024, King NewsWire - Asia Capital Strategy Fund and Be Make Strategy Fund are pleased to announce their strategic partnership to launch SPC Vision, a groundbreaking company th...

AlpenPresse Launches Comprehensive Online Platform Covering Politics, Technology, Bitcoin, Finance, and Travel
Grand News Network
May 23, 2024

AlpenPresse Launches Comprehensive Online Platform Covering...

Germany, 23rd May 2024, King NewsWire – AlpenPresse, an innovative and forward-thinking online news platform, proudly announces its official launch. Dedicated to delivering in-depth and timely news co...

Colorado Lightning Basketball Hosting Spring Tryouts for North Metro Denver Youth
Grand News Network
January 30, 2024

Colorado Lightning Basketball Hosting Spring Tryouts for Nor...

Colorado Lightning Basketball Club is holding tryouts on February 26th and 27th for its 2024 spring and summer travel teams. It notes that Colorado Lightning has experienced great success recently, wi...

Visa Information For Indian Visa Application Process For Indian Medical Attendant Visa, Indian Visa Requirements
Grand News Network
July 4, 2024

Visa Information For Indian Visa Application Process For Ind...

Bangladesh, 4th Jul 2024 - Indian Medical Attendant Visa: There is growth in the healthcare industry in India. India is known as a top country for healthcare services for chronic diseases such as canc...

UPWARD COUNSELING LAUNCHES NEW WEBSITE
Grand News Network
July 13, 2024

UPWARD COUNSELING LAUNCHES NEW WEBSITE

Connecticut Counseling Service Elevates Online Presence United States, 13th Jul 2024, King NewsWire, - Upward Counseling, a leading mental health servic...