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Polygon Founder Launches $50 Million Early-Stage Web3 Fund

Polygon Founder Launches $50 Million Early-Stage Web3 Fund

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Despite the brutal bear market, money continues to flow into the crypto space: its founder blockchain infrastructure provider Polygon today launched a new crypto-focused venture capital firm with $50 million in the bank.

Led by Polygon’s Sandeep Nailwal and Cere Network founder Kenzi Wang, Symbolic Capital launched in May, but announced today that despite the crypto market crash, it has raised $50 million to join early-stage Web3 companies.

And it claims to be different from other venture capital firms because it is run by crypto founders.

Polygon, formerly known as Matic Network, is an interoperability and scaling protocol for launching Ethereum-compatible blockchains. Kenzi Wang’s Cere Network is a decentralized data cloud platform.

In its announcement, the firm said: “We are one of the first venture capital firms led exclusively by the founders of web3, enabling us to provide unparalleled support to the builders in our portfolio.” Term Web3 refers to what some believe will be the next phase of the Internet, which utilizes blockchain networks and cryptocurrency to become more decentralized and return ownership of data to its users.

“When you look at the crypto VC landscape, it’s rare to find companies that were founded by the founders of Web3,” Nailwal added. “We’ve built blockchain companies from the ground up, and we know intimately the unique challenges these projects face.”

Symbolic said it plans to focus on supporting startups building decentralized applications for consumers. These applications, known as dappsperform similar functions to regular applications, but use blockchain networks and smart contracts (self-executing computer code stored on blockchains) to eliminate intermediaries. For example, Remove the switch Is a popular Ethereum-based dapp that acts as a decentralized exchange that allows anyone to trade coins and tokens.

Symbolic said it had already committed cash to blockchain gaming companies Blinkmoon, Planet Mojo and Community Gaming.

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