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/
