Naxion Network by Nverse Inc. Secures Investment From Scaleup Ventures
Grand News Network May 14, 2024
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.”
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.
Las Vegas, Nevada, United States, 11th Oct 2024, Grand Newswire - Founded in 2022, Master Cash Inc. aims to provide accessible financial solutions to help users manage short-term cash needs. The compa...
CANADA VISA FOR CYPRIOT CITIZENS
The citizens of Cyprus, as well as other EU citizens, are not required to have a visa when going to Canada. You must ask for a Canadian ETA. All individuals visiting...
Looking to generate passive income from your cryptocurrency holdings? Staking presents a promising avenue, although not devoid of risk. Explore the top staking platforms to investigate in 2024, encomp...
izmir, Turkey, 17th Oct 2024, Grand Newswire - Pol Health Care proudly offers high quality and world-class aesthetic and dental treatments in Turkey to Polish citizens, taking advantage of the privile...
The Affordable Care Act (ACA) has significantly improved mental health coverage in Woodbridge, VA. It mandates insurance coverage for mental health and substance abuse treatments, making therapy, coun...
Carpet Cleaning Manchester, launched on April 26, 2024, offers fast and reliable same-day carpet and upholstery cleaning services. Led by CEO Jeff Berry, we ensure transparent pricing and eco-friendly...
At Chi Dog, we believe that "Food Is Medicine." Our mission is to provide integrative food therapy for dogs, combining the best of Eastern and Western veterinary medicine to ensure your furry friends...
Vancouver, BC, Canada, 19th Oct 2024 – Vibe Growth Corporation (CSE: VIBE) (the "Company" or "Vibe"), a vertically integrated cannabis enterprise, today announced that James Walker has resigned from t...
Sports medicine plays a crucial role in the lives of athletes, not only for treating injuries but more importantly, for preventing them. With the growing emphasis on peak performance and longevity in...