Polygon co-founder launches $50 million crypto investment fund
A new venture capital firm will sponsor Web 3.0 startups in developing countries
28.08.2022 - 07:00
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What’s new? Polygon co-founder Sandeep Nailwal has launched a $50 million venture capital fund called Symbolic Capital. With it, Nailwal plans to allocate funds to support cryptocurrency startups in emerging markets. His partner is Kenzi Wang, founder of the decentralized data storage Cere Network. They have raised major funds from other unnamed VCs, exchanges and institutional investors.
Some of our initial investments include @WeArePlanetMojo, @blinkmoonGames, and @CommunityGaming. Across the portfolio, we’ve invested alongside incredible partners like @Sequoia, @a16z, @Galaxyhq, @dragonfly_xyz, and @multicoincap.— Symbolic Capital (@symbolicvc) August 25, 2022
What else is known about the fund? According to Nailwal, Symbolic Capital will primarily support developers of decentralized applications (DApps). The fund has already invested in about 15 projects, including the crypto game BlinkMoon, the Planet Mojo metaverse, and the cyber sports platform Community Gaming.
“My core mission is to bring mass adoption to web3, and that mass adoption is only going to happen via apps. <...> Nobody uses blockchain directly. They always use it via some app,” Nailwal noted.
He added that approximately 80-90% of the capital will be allocated to startups in developing countries. The Polygon co-founder said that such investments are very important to local ordinary users.
Nailwal's team will be monitoring project code on GitHub and interacting with developers via Discord to track the effectiveness of the investments.
Earlier, investment firm Invesco launched a fund focused on metaverses. In June, Du Jun, co-founder of cryptocurrency exchange Huobi, launched ABCDE Capital, a $400 million fund to support crypto startups. The funds will go to 10 to 20 projects a year. ABCDE focuses on blockchain and applications that have the potential for mass adoption.
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