Polygon Founder Launches $50 Million Web3 Fund

The head of Polygon, together with the head of Cere Network, raised $50 million for their new project, which will be different from other venture funds. Sandeep Nailwal and Kenzi Wang have launched "Symbolic Capital", a cryptocurrency-focused project.

This venture company was created back in May, but Polygon assures that it will be different from all similar ones, since it is managed by the founders of crypto companies:

"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

SymbolicCapitalSymbolic stated that they plan to focus on supporting startups that create decentralized applications (dApps) for consumers. The company also stated that they have already invested money in the gaming blockchain companies Blinkmoon, Planet Mojo and Community Gaming.

Symbolic Capital's initial investments include such projects as Planet Mojo, Blinkmoon and Community Gaming. The co-investors are Sequoia Capital, a16z, Dragonfly Capital and other large financial companies. Earlier, the Polygon team published its latest statistics, according to which the number of decentralized applications (dApps) on the platform exceeded 37,000, an increase of 400% since the beginning of the year.

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