The head of Polygon, together with the head of Cere Network, raised $50 million for their new project, which, as businessmen say, will be different from other venture capital funds.
Sandeep Nailwal and Kenzi Wang launched Symbolic Capital, a cryptocurrency-focused project. This venture company was created back in May, but Polygon assures that it will be different from all others, as it is run by the founders of crypto companies:
“We are one of the first venture capital firms exclusively led by the founders of Web3, allowing us to provide unparalleled support to developers. When you look at the crypto-venture market, it is rare to find projects created by Web3 founders. We built our business from the ground up and are intimately familiar with the unique challenges that such projects face.”
Symbolic said it plans to focus on supporting startups building decentralized applications (dApps) for consumers. The company also said that it has already invested in blockchain gaming companies Blinkmoon, Planet Mojo and Community Gaming.
Symbolic Capital’s initial investments include Planet Mojo, Blinkmoon and Community Gaming. The co-investors are Sequoia Capital, a16z, Dragonfly Capital and other major financial companies.
Earlier, the Polygon team published its latest statistics, according to which the number of decentralized applications (dApps) on the platform exceeded 37,000, an increase of 400% since the beginning of the year.
Source: Bits
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