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Polygon Founder Launches $50 Million Web3 Fund

Friday, 26 August 2022

Symbolic Capital Raises $50 Million for Crypto-Focused Venture Fund

Symbolic Capital, a new venture fund focused on cryptocurrency, has raised $50 million in funding. The project is headed by Sandeep Nailwal, the head of Polygon, and Kenzi Wang, the head of Cere Network. The company plans to focus on supporting startups that create decentralized applications (dApps) for consumers.

"We are one of the first venture firms headed exclusively by the founders of Web3, which allows us to provide unprecedented support to developers. When you look at the crypto-venture market, it is rare to find projects created by the founders of companies from Web3. We have created our business from scratch and are well aware of the unique challenges that such projects face."
said Sandeep Nailwal

A Unique Venture Fund Managed by Crypto Founders

Symbolic Capital was created in May and is managed exclusively by the founders of Web3 companies. This unique structure allows the company to provide unprecedented support to developers. According to Sandeep Nailwal, "When you look at the crypto-venture market, it is rare to find projects created by the founders of companies from Web3. We have created our business from scratch and are well aware of the unique challenges that such projects face."

Investments in Gaming Blockchain Companies

Symbolic Capital has already invested money in the gaming blockchain companies Blinkmoon, Planet Mojo, and Community Gaming. The co-investors in the project include Sequoia Capital, a16z, Dragonfly Capital, and other large financial companies.

Polygon's Latest Statistics

Polygon, the company headed by Sandeep Nailwal, recently published its latest statistics, which show that the number of decentralized applications (dApps) on the platform has exceeded 37,000. This represents a 400% increase since the beginning of the year. Polygon's success in the dApp market highlights the potential for decentralized technology to revolutionize various industries.

Conclusion

Symbolic Capital's focus on supporting startups that create decentralized applications for consumers is a promising sign for the future of Web3 technology. The involvement of Polygon's Sandeep Nailwal and Cere Network's Kenzi Wang, both experienced in the crypto industry, adds legitimacy to the venture fund. As the use cases for decentralized technology continue to expand, it will be interesting to see which startups Symbolic Capital chooses to invest in and how they contribute to the growth of the Web3 ecosystem.