Polygon Co-Founder Unveils $50 Million Web3 Venture Fund

Polygon Co-Founder Unveils $50 Million Web3 Venture Fund
  • Polygon has secured $450 million significant funding round earlier this year.
  • Three blockchain-based gaming firms have received funding from Symbolic’s fund.

Polygon, a layer two scaling platform built on Ethereum, has secured $450 million significant funding round earlier this year. Sandeep Nailwal, co-founder of the protocol, has revealed that he is embarking on a new endeavor in the form of Symbolic Capital, a venture capital fund created by and for web3 founders. This move highlights the increasing interest of venture capitalists in the blockchain-powered internet.

Nailwal said:

“My core mission is to bring mass adoption to web3, and that mass adoption is only going to happen via apps. It’s not like I’m going to build a blockchain, and people will come and use the blockchain — nobody uses blockchain directly. They always use it via some app.”

Web3 Projects on the Rise

It was announced on Thursday that Nailwal’s Symbolic Capital is supported by cryptocurrency protocols, exchanges, crypto-focused auditing companies, and other VC investors. Three blockchain-based gaming firms, BlinkMoon, Planet Mojo, and Community Gaming, have received funding from Symbolic’s fund. The amount of seed money these companies got is unknown.

Nailwal claims his venture capital firm’s primary objective is to help startup entrepreneurs in developing markets. Nailwal co-founded Polygon in India in 2017, and then he moved the company to Dubai two years later. He told Bloomberg he had to leave India because of the uncertainty of its crypto regulations.

Similar to other crypto-focused VCs, Symbolic Capital is investing substantially in Web3 projects or solutions that will further the decentralized internet. As part of Symbolic’s app-centric strategy, Nailwal has shown personal interest in “creator economy” enterprises like those involved in fantasy sports.

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