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 that you must know concerning 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 growing consumer-facing decentralized purposes (dApps). One of many first VC corporations led by Web3 founders, Symbolic may also help NFT startups.
“The mission of my life is to get Web3 to lots, that can occur provided that we now 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 conversant in the distinctive challenges that these tasks face.”
Already, Symbolic has invested in blockchain gaming corporations like Blinkmoon, Planet Mojo, and Community Gaming. Its investments come alongside different main corporations reminiscent of Sequoia Capital, a16z, Galaxy Digital, Tiger World, and FTX.
Presently, the Web3 funds’ preliminary traders embrace 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 known as MATIC, the blockchain permits quicker transactions and decrease gasoline charges. Its native foreign money is MATIC, which is accessible on all main crypto exchanges. Because of its benefits over Ethereum, numerous Web3 corporations at the moment are choosing Polygon.