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Polygon founder Sandeep Nailwal raises $50 million for Web3 fund

Published on

December 26, 2022
Read Time:1 Minute, 40 Second

Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a brand new startup fund for Web3 firms, underscoring rising enterprise capital curiosity within the blockchain-based web.

Nailwal's enterprise agency, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused accounting corporations and different enterprise capital buyers, the corporate introduced on Thursday. Symbolic's fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Group Gaming. Preliminary funding for these startups was not disclosed.

In what could also be a brand new strategy to enterprise capital, Nailwal mentioned his firm is concentrated on supporting rising market creators. "Once we based Polygon in India, we struggled to attach with VCs who believed in our imaginative and prescient and talents as founders," he mentioned.

The rise of Web3 has created a necessity for decentralized storage options that enable customers to archive, entry, and keep their very own information.

Will they be capable to break the stranglehold of centralized net service suppliers available on the market? https://t.co/uJOthHq8lI

— Cointelegraph (@Cointelegraph) July 28, 2022

Nailwal co-founded Polygon in India in 2017 earlier than relocating to Dubai two years later. In an interview with Bloomberg, Nailwal said He left his residence nation as a consequence of an absence of regulatory readability relating to crypto.

Associated: VC Roundup: Lightning Community cost rail, DeFi buying and selling platform and blockchain safety agency increase hundreds of thousands

Like different crypto-focused VCs, Symbolic Capital is closely targeted on Web3 initiatives or options that can advance the decentralized web. As Cointelegraph reported, two Web3-focused funds have been introduced earlier this month - CoinFund launched a $300 million venture and Shima Capital debuted a $200 million dedication.

In line with Cointelegraph Analysis, Web3 initiatives accounted for the lion's share of crypto enterprise funding in Q2, accounting for 42% of particular person offers. Enterprise funds invested a whopping $14.67 billion in crypto startups between April and June, matching their allocation within the first quarter.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 26, 2022
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