Polygon founder launches $50 million cryptocurrency fund
Entrepreneur and Polygon founder Sandeep Nailwal managed to raise $50 million in capital for a new cryptocurrency investment fund.
Symbolic Capital will focus on investing in promising startups developing in the areas of Web3, blockchain gaming and non-transferable tokens (NFT).
The venture capital firm has received support from cryptocurrency protocol developers, exchange founders, auditing firms and institutions. The new fund has already invested in three blockchain gaming startups: BlinkMoon, Planet Mojo and Community Gaming. The amount of money invested in the development of these products was not specified.
Nailwal co-founded Polygon in 2017. He has repeatedly noted that he had to leave his native India due to the lack of progress in the adoption of cryptocurrencies in the country. His fund, Symbolic Capital, will primarily focus on Web3 projects and other solutions that will contribute to the development of a decentralized Internet.
Naylval himself noted that he considers it very important to invest in little-known start-ups. Right now, thousands of developers are coming up with good ideas and working to bring them to fruition, but they lack the funding to bring their products to market. His company aims to help these people realize their dreams. The new fund will help the entire cryptocurrency industry, which needs to move forward.
