Polygon founder Sandeep Nailwal raises $50M for Web3 fund
Symbolic Capital has become the latest venture firm to focus heavily on Web3, gaming and NFTs. Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a new startup fund dedicated to Web3 companies, underscoring venture capital’s growing interest in the blockchain-powered internet. Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing firms and other venture capital investors, the company disclosed Thursday. Symbolic’s fund has already invested in three blockchain-focused gaming startups:....
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Polygon's scalability, efficient processing times and very low gas fees provide a solution to Ethereum's current network limitations, according to Nailwal. Polygon (MATIC), a layer-two network designed for scaling and application infrastructure development on Ethereum (ETH), has been making the rounds among blockchain enthusiasts as of late. From its $1 billion investment into zero-knowledge technology to co-launching a $200 million Web 3.0 social media initiative up to integrating with Opera's web browser to make its decentralized apps accessible to 80 million Android mobile users, the....