Blockchain infrastructure supplier Polygon’s founder, Sandeep Nailwal has raised $50 million to launch a brand new enterprise fund for early-stage Web3 startups. The agency, Symbolic Capital, is headed by Nailwal and Cere Community founder Kenzi Wang. Reportedly, the corporate is backed by a number of undisclosed enterprise capitalists in addition to enterprise verticals of crypto exchanges.
Right here’s all you should know in regards to the Polygon founder’s new Web3 fund:
About Polygon founder’s Web3 fund
The Polygon founder launched the Web3 fund to allow mass adoption of blockchain expertise and Web3. Primarily, the agency will again early-stage startups creating consumer-facing decentralized functions (dApps). One of many first VC corporations led by Web3 founders, Symbolic will even assist NFT startups.
“The mission of my life is to get Web3 to lots, that can occur provided that now we have pioneering Web3 apps,” Polygon founder Nailwal said. “Symbolic capital has been setup to assist these early stage builders to understand their visions. We constructed blockchain corporations from the bottom up and are intimately aware of the distinctive challenges that these tasks face.”
Already, Symbolic has invested in blockchain gaming corporations like Blinkmoon, Planet Mojo, and Group Gaming. Its investments come alongside different main corporations comparable to Sequoia Capital, a16z, Galaxy Digital, Tiger International, and FTX.
At present, the Web3 funds’ preliminary traders embody crypto protocols, VC corporations, crypto exchanges, crypto auditing corporations, and crypto distributors. A number of household workplaces and establishments are additionally a part of the traders.
Based in 2017, Polygon is a layer two Ethereum scaling answer. Initially referred to as MATIC, the blockchain permits sooner transactions and decrease fuel charges. Its native foreign money is MATIC, which is obtainable on all main crypto exchanges. Attributable to its benefits over Ethereum, numerous Web3 corporations are actually choosing Polygon.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.