Blockchain infrastructure provider Polygons founder, Sandeep Nailwal has raised $50 million to launch a fresh venture fund for early-stage Web3 startups. The firm, Symbolic Capital, is headed by Nailwal and Cere Network founder Kenzi Wang. Reportedly, the business is backed by several undisclosed venture capitalists and also venture verticals of crypto exchanges.
Heres all you have to to know concerning the Polygon founders new Web3 fund:
About Polygon founders Web3 fund
The Polygon founder launched the Web3 fund make it possible for mass adoption of blockchain technology and Web3. Essentially, the firm will back early-stage startups developing consumer-facing decentralized applications (dApps). Among the first VC firms led by Web3 founders, Symbolic may also support NFT startups.
The mission of my entire life would be to get Web3 to masses, that may happen only when we’ve pioneering Web3 apps, Polygon founder Nailwal said. Symbolic capital has been setup to greatly help those early stage developers to understand their visions. We built blockchain companies from the bottom up and so are intimately acquainted with the initial challenges these projects face.
Already, Symbolic has committed to blockchain gaming companies like Blinkmoon, Planet Mojo, and Community Gaming. Its investments come alongside other leading firms such as for example Sequoia Capital, a16z, Galaxy Digital, Tiger Global, and FTX.
Currently, the Web3 funds initial investors include crypto protocols, VC firms, crypto exchanges, crypto auditing firms, and crypto vendors. An array of family offices and institutions may also be area of the investors.
Founded in 2017, Polygon is really a layer two Ethereum scaling solution. Originally called MATIC, the blockchain allows faster transactions and lower gas fees. Its native currency is MATIC, that is on all major crypto exchanges. Because of its advantages over Ethereum, a lot of Web3 companies are actually deciding on Polygon.
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Reethu Ravi is really a journalist located in India, covering environment, sustainability, tech and innovation. You should definitely found between your pages of a book, she is seen catching through to the most recent developments in the tech world. A naval architect-turned journalist, she loves bringing stories of change and innovation to the limelight.